Interim Valuations and Progress Payments: Paying Contractors Fairly During Construction
10/9/2026 · 5 min read
On most building projects the contractor is paid in instalments as the work goes up, not in one sum at the end. Deciding how much should be paid at each stage is one of the most common sources of disputes in construction. Interim valuations are how professionals keep those payments fair.
What is an interim valuation?
An interim valuation is an assessment, usually monthly or at agreed stages, of the value of work properly carried out so far. It is normally measured against the contract sum or Bill of Quantities. The quantity surveyor visits the site, measures or assesses what has been completed, and prepares a valuation. That valuation supports a payment certificate or recommendation.
Why it matters
- For the client: you avoid paying ahead of the work. If a contractor leaves the job, your money has not run ahead of what is on site.
- For the lender: banks releasing construction loan funds in stages need independent confirmation that each stage is complete.
- For the contractor: fair, timely valuations keep cash flowing, so workers and suppliers get paid and the job keeps moving.
What is usually included
A typical interim valuation considers:
- completed work, measured against the contract rates
- materials delivered to site and properly stored, where the contract allows
- approved variations
- retention, a percentage held back until completion and the defects period
- amounts already paid in earlier valuations
Common problems it prevents
Without independent valuations, projects often suffer from overpayment early on, arguments over what "half done" means, and disputes at the final account. A clear record of each valuation also helps if there is ever a disagreement or insurance claim.
Tracking progress
Good records matter. Photographs, site diaries and consistent progress reports make each valuation quicker and harder to dispute. Tools such as the BVQSS Construction Progress Tracker are designed to support this kind of structured reporting.
Talk to BVQSS
Browne's Valuation & Quantity Surveying Services has served St. Vincent and the Grenadines since 1993. If you have a question about progress payments on your project, send us an enquiry or read more about our services.