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Interim Valuations: DR Alice Lungu
Interim Valuations: DR Alice Lungu
Dr Alice Lungu
PHD URBAN STUDIES (HW, UK), MSC ENV & DEV
(MAN, UK), PG DIP ENV PROTECTION (WARSAW,
POLAND), PG DIP CONST MGT (UNZA), BSC. BLDG
SCIENCE (CBU), REG Q.S., FSIZ, UNESCO Fellow
What is an Interim Valuation?
Gross valuation
– Preliminaries
– Main Contractors work (as billed)
– Variations
– Contractual claims
– Unfixed materials and goods
– Statutory fees and charges
– Nominated Sub- Contractors work
– Fluctuations (labour, materials and/or taxes, etc.).
– Retention
– Liquidated and ascertained damages
Retention, and its Management
Retention:
– Is an amount of money retained on IV/ IP.
– It is a percentage (often 5%) of the amount
certified as due to the contractor.
Employer keeps this money to ensure that
the contractor properly completes the
activities required of them under the contract.
Retention can also be applied to nominated
sub-contractors
Retention (Contd)