Interim Valuation
When to use it: Interim valuations (or progress payments) are required on most construction projects. They provide an important source of funds for Contractors but must be balanced so that the Employer is not put at a disadvantage by over-paying in the event of the contractor's bankruptcy.
Mensura will review the contract documents, review the Contractor's Application for Payment and make a recommendation for payment to the Contract Administrator based on that documentation. Alternatively a recommendation can be prepared based on site progress photographs without the necessity for a site visit but this will not be as accurate as when a site visit is carried out.
Our costs are exclusive of travelling costs which are charged at 45p/mile.
Discounts are available when purchasing three or more interim valuations at the same time. Please contact us for a discount code which will be added to your account. Create an account here.
Scope of Service
Our Interim Valuations service includes:
- Receipt and review of Contractor's Application for Payment
- Site visit (or optional assessment from photographs)
- Record of queries raised with the Contractor and answers received
- Recommendation for payment
- Notes of any issues of concern.
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Variation Assessment
Instructions and variations may alter the nature or scope of the work by providing for additional, varied or less work. Almost all building contracts experiences variations. Mensura reviews the original contract drawings and specifications and the proposed or actual changes and values these in accordance with the agreed terms and conditions of contract.
For projects where a single variation or the aggregate of variations is likely to exceed £500k construction cost please contact us for a quotation.
Financial Statement/Cost Report
Preparing regular financial statements is a key means of keeping the Client informed of the financial health of a project. We collate all the variation information together with anticipated changes to show the estimated final cost of the project each month. This is balanced back to the approved budget by adjusting the available contingency.
For projects where the construction cost is likely to exceed £5m please contact us for a quotation.