Project topics and materials

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• TITLE PAGE
• THE IMPACT OF INTERIM VALUATION/CERTIFICATE IN
  CONSTRUCTION PROJECT DELIVERY
• A RESEARCH PROJECT SUBMITTED TO THE DEPPARTMENT
  OF QUANTITY SURVEYING
• BY
• -----------------
• -------------
• SCHOOL OF ENVIRONMENTAL DESIGN AND TECHNOLOGY
• OCTOBER, 2012

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• STATEMENT OF THE PROBLEM
• One of the main problems of smooth construction
  project is variation which causes delay in
  construction project delivery. So therefore,
  this work is aim at reducing both the clients
  induce delay and other delay by valuing each work
  done.
• When a project is valued and certificate but the
  clients refusal to recluse the cash, it can lead
  to project abandonment. So this work will impact
  in such area. Variation is the major problem this
  research intends to tackle as it will present the
  quantity surveyor the opportunity of carrying out
  valuation of variations and prepare the valuation
  for payment.
• Finally, it will impact positively into the
  problem uncertified work that has been competed
  by the contractor.
• PURPOSE OF THE STUDY
• Interim valuation should facilitate the
  construction process through an accurate
  reflection of the current value of works. While
  over-valuation presents the risk that the over
  paid party may subsequently perform badly or
  lease trading, any under-valuation and lead to
  unnecessary burdens on the contractor and
  sub-constructor or suppliers, with potential
  adverse effects on the project.

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• SIGNIFICANCE OF THE STUDY
• This project shall be of benefit to the entire
  constructional body and to the academic.
  Constructors will see this project as an aid in
  acknowledging his right during and after any
  construction setting. Clients will be enlightened
  on their duty to constructors and
  sub-constructors to pay them as at when due to
  avoid project delay and abandonment.
  Professionals like Architect, Quantity surveyors
  and Engineers/Consultants will benefit from this
  work when preparing interim valuations/certificate
  s or final. Account the Academic or scholars that
  has an interest on this field or topic shall be
  happy to use it as a research point
• APPLICATION
• Its application are different stages in the
  construction process. E.g. after ground work
  (substructure) an interim valuation his to be
  carried out and a certificate issued to confirm
  that the work done is of standard and in line
  with specification and Bill of Quantities.

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• THE IMPACT INTERIM VALUATION/CERTIFICATE IN
  CONSTRUCTION PROJECTS
• IMPROVING THE CONTRACTORS CASHELOW - Cash flow
  is the lifeblood of any project. For contractors
  and sub-contractors, timeout interim payment of
  the correct amount permitted under the form of
  contract entered into is essential for minimizing
  cash flow.
• REDUCTION OF CONSTRUCTION DELAYS - Delays in
  construction projects are frequently expensive.
  However, in more complex projects, problem will
  arise that are not foreseen in the original
  contract, and so therefore, interim valuation
  will be used to handle such unforeseen incidents
• ELIMINATION OF PROJECT ABANDONMENT - If there
  are no proper interim valuation carried out on a
  construction, there is a high risk of project
  abandonment which can lend to low standard of
  living, disappointment of the populace, reduction
  in employment opportunities, high level of
  corruption from youth etc.
• FACILITATE CONSTRUCTION PROCESS - If the monthly
  interim valuation are adhere to, then the will
  and aid the contractor, to execute the project
  speedily.
• PROMOTE QUALITY EXECUTION OF THE PROJECT- If the
  work done on site one valued and paid for, then
  the contractor is short of capital which can lead
  to poor execution of the project
• RESOLVING OF VARIATIONS - Construction projects
  are notorious for variations, which will need to
  be considered on an interim basis. The interim
  valuation of construction projects is also
  essentials to ensure that the contractor and the
  client are aware of their current and projected
  cost commitments.

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• THE EFFECTS OF LACK OF INTERIM VALUATION
• IN CONSTRUCTION PROJECT
• Wherever there are no interim valuations carried
  out on a certain project, it will definitely
  events some negative results on the projects.
• Obviously the concept of project delay project
  abandonment lack of capital, poor execution of
  job etc will abound and consequently crumbles the
  project.
• CONCLUSION
• In modern construction framework, interim
  valuation is of utmost priority because it
  present a good avenue for the contractor to
  receive payment for work and it also give room
  for proper evaluation of all variation carried
  out on site by the quantity surveyor. Without
  interim valuation, it will be difficult for the
  contractor to be paid thus crumbling the
  progress of the project. The quantity certificate
  issued by the Architect indicating that the work
  has been executed as specified in the contract
  documents.
• Therefore, interim certificate should always be
  issued to contractors that has completed a stated
  level of work

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• RECOMMENDATIONS
• That interim valuation/certificate should be
  carried out by the professional meant to. This is
  to avoid errors.
• Adequate care should be taken while carryout
  interim valuation to avoid the problem of
  over-valuation or under-valuation.
• Interim valuation/certificate should not be
  influenced. It should be done in favor of both
  the contractor and the client while considering
  their financial cash flow.
• I recommend that interim valuation/certificate
  should be carried out in accordance with clauses,
  agreement and conditions of contract
• I strongly recommend that interim valuation
  should be done periodically during construction
  projects weekly, monthly or as arranged in the
  contract documents.
• That after interim valuation has been carried
  out, an interim payment certificate (IPC) should
  be issued to ascertain or confirm the valuation
  done.
• FURTHER STUDIES
• Interim valuation/certificate is as important in
  construction project as any
• other contract practice. So therefore, I suggest
  that anyone in the field of
• the Quantity Surveyor, Architect or related field
  should take-on The
• impact and procedure for preparation of final
  account in construction
• projects.