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The publication sets out general principles covering topics such as contract sum breakdown, valuation components, retention, and payment mechanisms across common contract forms including JCT and NEC3. 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Copyright in all or part of this publication rests with RICS. Save where and to the extent expressly permitted within this document, no part of this work may be reproduced or used in any form or by any means including graphic, electronic, or mechanical, including photocopying, recording, taping or web distribution, without the written permission of RICS or in line with the rules of an existing licence.  \nii  \nAcknowledgements  \nRICS would like to thank the following for their contributions to this practice information:  \nLead author  \nDavid Benge FRICS (Gleeds)  \nWorking group  \nChair: Andrew Smith FRICS (Laing O’Rourke)  \nStuart Earl FRICS (Gleeds)  \nRoland Finch FRICS (NBS)  \nChristopher Green FRICS (Capita Property and Infrastructure)  \nRoy Morledge FRICS (Nottingham Trent University)  \nMichelle Murray MRICS (DBK)  \nAlan Muse FRICS (RICS)  \nMichael T O’Connor FRICS (Carillion Construction Ltd)  \nMartin Stubbington FRICS (RICS)  \nKevin Whitehead FRICS (McBains Cooper Consulting Ltd)  \nInterim valuations and payment  \niii  \nContents  \nAcknowledgements 􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮 ii RICS standards framework 􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮 1  \nDocument definitions ..................................................................................................... 2  \n1 General principles (Level 1 – knowing) 􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮􀀮 3  \n1.1 Introduction ........................................................................................................... 3  \n1.2 Interim valuations ................................................................................................ 4  \n1.3 Certificates and notices ........................................................................................ 5  \n1.4 Conditions of contract .......................................................................................... 6  \n1.5 Legislation ............................................................................................................. 6  \n1.6 The contract sum ................................................................................................. 9  \n1.7 Payment mechanisms ......................................................................................... 10  \n1.8 Payment under JCT Standard Building Contracts ........................................... 10  \n1.9 Payment under the JCT Design and Build Contract 2011 .............................. 16  \n1.10 Payment under the JCT Intermediate Building Contract 2011 ...................... 21  \n1.11 Payment under the JCT Minor Building Works Contract 2011 ...................... 25  \n1.12 Payment under NEC3 ......................................................................................... 28  \n1.13 Payment under short NEC3 contracts ............................................................. 29  \n1.14 Payment under the Scheme for Construction Contracts ............................... 30  \n1.15 Breakdown of contract sum .............................................................................. 33  \n1.16 Components of a valuation ......................................","cbCaioQi6Y6km5RC","https://ap.wps.com/l/cbCaioQi6Y6km5RC","pdf",1911986,92,"English","# Acknowledgements\n# Document definitions\n# 1 General principles (Level 1 – knowing)\n## 1.1 Introduction\n## 1.2 Interim valuations\n## 1.3 Certificates and notices\n## 1.4 Conditions of contract\n## 1.5 Legislation\n## 1.6 The contract sum\n## 1.7 Payment mechanisms\n## 1.8 Payment under JCT Standard Building Contracts\n## 1.9 Payment under the JCT Design and Build Contract 2011\n## 1.10 Payment under the JCT Intermediate Building Contract 2011\n## 1.11 Payment under the JCT Minor Building Works Contract 2011\n## 1.12 Payment under NEC3\n## 1.13 Payment under short NEC3 contracts\n## 1.14 Payment under the Scheme for Construction Contracts\n## 1.15 Breakdown of contract sum\n## 1.16 Components of a valuation\n## 1.17 Retention\n## 1.18 Ascertainment of retention\n## 1.19 Contract terms relative to valuations\n# 2 Practical application (Level 2 – doing)\n## 2.1 Introduction\n## 2.2 Valuation process\n## 2.3 Step 1: planning\n## 2.4 Step 2: pre-valuation\n## 2.5 Step 3: valuation\n## 2.6 Step 4: valuation documentation\n## 2.7 Step 5: issue valuation\n## 2.8 Step 6: post valuation\n## 2.9 The importance of records\n## 2.10 Final account\n## 2.11 Standard forms and covering letters\n# 3 Practical considerations (Level 3 – advising)\n## 3.1 Introductio","[{\"question\":\"What is covered by the guidance on interim valuations in the UK context?\",\"answer\":\"It explains interim valuations and how they relate to certificates, notices, contract terms, legislation, and how the contract sum and its components are treated during valuation.\"},{\"question\":\"Which payment mechanisms and contract forms does the document address?\",\"answer\":\"It covers general payment mechanisms and payment under common forms including JCT Standard Building Contracts, the JCT Design and Build Contract 2011 and other JCT variants, as well as NEC3, short NEC3 contracts, and the Scheme for Construction Contracts.\"},{\"question\":\"What practical steps does the valuation process include?\",\"answer\":\"It lays out a structured process from planning and pre-valuation through valuation, valuation documentation, issuing the valuation, and post-valuation, with emphasis on records and valuation-related documentation.\"}]","Interim valuations and payment - UK 1st edition - guidance | PDF",1790379739,32]