Valuations and Site Visits
Once construction work is underway, there are a number of protocols which should be followed. Valuations and site visits enable construction to be monitored at regular intervals and ensure that all parties have up to date details regarding the status of the project and any variation orders which have been applied.
What is a site visit?
A site visit may sound straightforward but it’s an important part of the construction process. While works are underway, dedicated personnel will visit the site to assess progress and determine which works have been completed, which are on-going, and which have yet to commence.
This ensures that the project is running to the agreed schedule and that interim targets are being hit. If necessary, variations orders can be discussed and implemented following a site visit. Whilst the vast majority of potential issues will have been dealt with contractually and at pre-start meetings, there can sometimes be surprises during the construction process itself.
Due to this, additional site visits may be appropriate. When extra works need to be undertaken or if variations are required, these costs will need to be contracted and monitored, in accordance with any existing contracts which are in place.
By using experienced construction consultants to carry out site visits, you can ensure that the project is being professionally assessed in its entirety. As well as providing you with accurate data and useful information, having an independent assessment carried out via a site visit ensures impartiality and can reduce the risk of disputes between parties.
RECEIVE A FREE PROJECT REVIEW WORTH £1000 TODAY
What are valuations?
Throughout the course of the project, various valuations may need to be undertaken. An interim valuation assesses the level of works completed and can lead to interim payment resolution. Carried out by a quantity surveyor, interim valuations are usually scheduled within your original contract, although they can also be arranged on an ad hoc basis.
For contractors and building firms, having an accurate interim valuation and statement is the only way to show how much of the overall project has been completed. Without this, an interim application for payment can’t be made.
As most contractors will be relying on interim payments as their main or only source of income while works are underway, it’s vital that an interim valuation and site visits are carried out at appropriate intervals.
In addition to valuing the works completed, an experienced quantity surveyor will also assess any variations which have affected the project, as well as any potential variation orders which are expected. Although variations aren’t uncommon, they can alter the schedule and nature of the project quite considerably and may make a significant impact to the value of the works completed.
With the information gained from a valuation and site visits, all contractual parties can ensure that the project is progressing appropriately, and that completed works can be invoiced for, in accordance with the terms of the original contract.