How Valuation Affects Interim Payments
Valuation provides a fair assessment of the work completed, allowing contractors to receive payments at key milestones. This process helps manage cash flow and ensures that contractors are paid for progress made, rather than waiting for full project completion.Best Practices for Valuations
Contractors should ensure that the valuation process is transparent and accurately reflects the work completed. Regular site inspections and thorough documentation of progress can ensure accurate valuations. Contractors should also agree on a clear valuation schedule with clients at the start of the project.Related Terms: Interim Payment, Progress Payment, Payment Application