Valuation of works is a critical aspect of quantity surveying, involving the assessment and determination of the value of construction activities completed at various stages of a project. Our team will play a central role in this process, ensuring that accurate and fair valuations are carried out to facilitate payments, financial reporting, and project management.

Here's an overview of our services of valuation of works:

 

1. Interim Valuation:

  

• Measurement of Work Done: We will measure the progress of construction activities based on the completed work as per the contract drawings, specifications, and agreed-upon methods of measurement (e.g., CESMM - Civil Engineering Standard Method of Measurement).

 

• Application for Payment: Contractors/Sub-contractors submit interim payment applications (also known as interim valuations or payment certificates) to the client's quantity surveyor or project manager. These applications detail the work completed, quantities measured, and the corresponding valuation based on the contract rates or prices.

 

• Site Inspection and Verification: We will conduct site inspections to verify the accuracy and completeness of the work claimed in the interim payment applications. To ensure that the work meets the required quality standards and complies with the contract specifications before certifying payments to the contractor/sub-contractor.

 

2. Final Account Valuation:

  

• Measurement and Reconciliation: Our team will prepare a final account by reconciling all the interim payments made throughout the project with the actual quantities of work done. We will review variations, additional works, and any other adjustments to the contract scope or value and ensure that they are accurately reflected in the final account.

 

• Valuation of Variations: We will assess the impact of variations or changes to the contract scope on the project's overall value. Our team will quantify the additional or reduced work done, adjust the contract rates or prices accordingly, and incorporate these variations into the final account valuation.

 

• Dispute Resolution: We may be involved in resolving disputes related to the valuation of works between the client and the contractor. We will provide expert advice, conduct negotiations, and facilitate the resolution of disputes through mediation, arbitration, or other dispute resolution mechanisms.

 

3. Valuation Methods and Techniques:

 

• Schedule of Rates: We often use a schedule of rates or a bill of quantities prepared at the tender stage to value the works. The rates and prices included in these documents are used as a basis for valuing the measured quantities of work done.

 

• Daywork: In some cases, where the scope of work cannot be accurately measured or priced in advance, we may use daywork rates to value the work based on the actual resources consumed, such as labor, materials, and equipment, plus an agreed-upon markup for overheads and profit.

 

• Market Rates: We may also reference prevailing market rates for similar construction works to validate the reasonableness of the rates and prices used for valuation purposes.

 

All in all, valuation of works is a complex process that requires careful measurement, analysis, and judgment to ensure that fair and accurate payments are made for the construction activities completed. Our team will play a critical role in conducting valuations, administering payments, and resolving disputes to facilitate the smooth progress of construction projects.