Measurement and Valuations

Below is an introduction to the topic of Measurement and Valuations. You can also search for your specific topic using the Search box at the top of the page or click on any of the following keywords and phrases: Payment – Retention – Standard Precedent Letters – Cashflow – Construction Act

Measurement and valuations are the life blood of any contracting company, and should be carried out in an organised way with a full audit trail. It is important to have systems in place to trigger when timely applications for payments are to be made to the correct people, in what format they should be to accord with your contract agreement, and to monitor cash-flow and debtor days against pre-determined targets. Often relationships need to be developed between organisations, to help understand internal workings that can be used to obviate payment delays. Polite and organised persistence in pursuing payment sometimes helps to get cash flowing, and a good communication system between administrative and operations departments within your company will greatly assist that process.

Those responsible for measuring and valuing work carried out for payment must make it their duty to get very familiar with the principles, terms and conditions that have been agreed in this process.