Interim Valuation

An interim valuation is the periodic assessment of work properly executed, materials on site and amounts properly due, forming the basis of each payment certificate or notice before the final account.

Where it sits: HGCRA 1996, s.109-110 implies monthly interim payments where the contract is silent; the valuation basis is the contract\'s own (e.g. JDT 2016 cl.4.10-4.11 approaches).

Interim valuations are instalments, not conclusions. The case law is settled that an interim certificate is not final even on the amounts it covers — everything reopens at final account — but that comfort cuts both ways: over-certification now is a cash-flow loan the employer claws back later, and under-certification now funds a suspension or adjudication.

The valuation itself is measurement discipline plus the contract\'s agreed basis: gross valuation, less retention, less previous payments. It is also the commercial record of the job — the run of valuations tells the story a tribunal will later read.

Related: retention · application for payment · final account