2/21/2013

Introduction

Preparation and Checking Interim Valuations

Group no. 12
Name Gayatri N. Kamalanathan N. Rajapakshe R.W.P.M.I.S Thudugala T.T.M.M.P Index No. 092628E 092643U 092673K 092695E

Interim payment application is the claim prepared by contractor for the money he is entitled due to the contract. Interim payment certificates issued by consultant provides a mechanism for the client to make payments to the contractor before the works are completely finished. According to SBD 2,

No payments are done until performance security is submitted The engineer is not bound to issue IPC if the value is less than the minimum value which is stated in contract data. The employer shall pay the contractor within 14 days to the amount certified by engineer.

Preparing Interim valuation no.6 Anura Constructions

How ???

Issuing Interim payment certificates- PSD Consultants

Preparation of Interim Valuation No.6

CONTRACT FOR THE PROPOSED ADMINISTRATION BUILDING AT BASE HOSPITAL - SOORIYAWEWA

Includes,
Covering Interim Work Day

Letter

Payment Application form sheets

done and Summaries

ANURA
Constructions Work done Measurement Sheets

Measurement

works at site

Material Price

Variations

fluctuation claims

Price Fluctuation Claim

Material at Site Report

20%

Approved day work sheets

Covering Letter Breakdowns for variations Provide material invoices, Stock cards as proof or approved by engineer. IPA

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Retention and Advance Payment Recovery

Checking Interim valuation No. 5 and preparation of IPC

CONTRACT FOR THE PROPOSED ADMINISTRATION BUILDING AT BASE HOSPITAL - SOORIYAWEWA

Retention-Deduct 5% from cumulative work Done, since the maximum amount of retention is already retained with the client at the point. Recovery of advanced payment-22.22% form the work cumulative work done, since the advance payment is not fully recovered at the point.

Contains following steps,

Checking Checking Checking Checking Checking

measurement sheets and billed work done Day works variations price fluctuation claim summaries values to interim payment certificate and

Transferring

finalizing it.

Checking Work Done

Cox Engineering and Construction

Checking Work Done

Check rate with BOQ Check previous quantities and amounts

Check the Measurements Check for Arithmetic Errors

Check current quantities transferred from measurement sheets Check arithmetic errors

Check also for,

Material at Site- Whether quantities are proved with invoices or stock cards or approved by engineer. (Material that arent for permanent work are not paid!)

Transfer the amounts to Interim Payment Certificate and Approved by Engineer

Variations- Whether rate break downs, material invoices are provided. Check Measurement sheets for variation quantities.

Day Works-Whether they have been approved by engineer Price Escalation- Whether correct figures and amounts (Eg: price indices, input percentages, work done) are provided and check for arithmetical errors.

Summaries- For arithmetical Errors and whether Amounts are transferred correctly.

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Thank You!