What is the principal purpose of an interim valuation on a construction project?
Correct answer: A. To assess work completed for a progress payment
- A. To assess work completed for a progress payment
- B. To calculate the contractor's final profit
- C. To replace the original construction programme
- D. To approve the contractor's permanent staff
Explanation
An interim valuation measures the value of work completed, materials properly brought to site, and approved adjustments for a payment period. It is not the final calculation of the contractor's total profit or final account.
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About Construction Management and Estimation
Construction management covers planning, scheduling, resource control, contracts, procurement, site organisation, safety, quality assurance and project documentation. Estimation includes quantity take-off, rate analysis, bill preparation, valuation and cost control, with attention to the difference between direct and indirect costs and between an estimate, a tender and a final account.
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