Interim Valuation
Definition
An interim valuation (or interim payment application) is a periodic assessment of the value of work completed to date on a construction project, submitted by the contractor to the employer or their contract administrator. The assessed amount (less retention and any previously certified sums) is then certified for payment.
In construction tendering, this means...
Interim valuations are typically submitted monthly. Preparing them accurately requires tracking the value of work done across all trade packages, plant and materials, variations, and any other contract entitlements. GCs need to ensure their subcontractors' valuations are reconciled against their own and that payments to subs are made within contractual terms.
Takshy automates the parts of the tendering process that involve interim valuation, extracting scope, managing documents, and keeping your workflow organised from first document to final award.
Automate your tendering with Takshy
Understanding the terminology is step one. Takshy handles the rest, from extracting scope from project documents to sending structured RFQs and managing the returns.
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