Valuation of interim payment: issues encountered by the parties involved in relation to interim payment

Abstract

Improper valuation of interim payment may be a source of dispute. The Quantity Surveyor as a professional person in performing the task is expected to possess a required level of competency and accepted by the construction industry in performing it. Thus, can the valuation of interim payment be considered reliable in avoiding dispute and what are the common problems faced by a Quantity Surveyor in meeting the expectation of the employer or client. The issue at hand is therefore mainly related to credibility or level of competency and professionalism of a Quantity Surveyor in performing this task. The objective of this study is to investigate on the current issues by the relevant parties involved in relation to interim payment, which include the level of satisfaction of the contractor and employer on the task performed by the registered Quantity Surveyors. The scope of this research is confined to the Quantity Surveyors Act 1967 and primarily focusing on contractors and employers involved in the valuation of interim payment. Part of the research process adopted in this research is a preliminary survey conducted that include the process of identifying and short listing the problems encountered by the relevant parties namely employer, contractors and consultants who have actual experiences in the process. This paper therefore will establish the issues and problems faced by these parties in the valuation process.