Interim Valuations and Payment Provisions Quiz

What are the two main pieces of legislation regulating payment provisions?

• Housing Grants, Construction and Regeneration Act, 1996 and Local Democracy, Economic Development and Construction Act 2009

• Building Regulations Act, 2005 and Construction Safety Act, 2010

• Construction Contracts Act, 2008 and Housing Development Act, 2012

• Construction and Infrastructure Development Act, 2014 and Local Government Act, 2011

What is the contract sum?

• The sum of provisional sums and prime costs

• The total cost of the project

• A specified sum written into the contract

• The amount paid to the contractor at the start of the project

What is the interim valuation date and when is it?

• The date when the first interim valuation should not be more than one month after works commence

• The date when the contractor submits the interim application

• The date when the project is completed

• The date when the final payment is made to the contractor

What is the due date and when is it?

• The date when the contractor issues the payment notice

• Last date for submission of interim application by the contractor is the due date (maximum of 7 days after the interim Valuation Date)

• The date when the contractor submits the final account

• The date when the contractor receives the payment

What is a provisional sum?

• An estimated allowance that is inserted into tender documents for a specific element of the works that is not yet defined in enough detail for tenderers to accurately price

• A sum of money set aside for unforeseen expenses

• A fixed amount of money paid to the contractor at the start of the project

• An amount of money paid to the contractor at the end of the project

Who’s responsibility is it to issue a valuation?

• The employer

• The contract administrator

• The main contractor

• The quantity surveyor

What is a certificate of vesting?

• A certificate certifying the safety standards of the project

• A certificate certifying that ownership of the goods, plant or materials listed in a schedule will transfer from one party to the other upon payment

• A certificate certifying the quality of the materials used in the project

• A certificate certifying the completion of the project

What is VAT?

• A broadly based consumption tax assessed on the value added to goods and services

• A tax levied on the contractor's income

• A tax levied on the employer's income

• A tax levied on the project's profit

What are retention monies?

• A percentage of the contract sum paid to the employer at the start of the project

• A percentage of the contract sum paid to the contractor at the end of the project

• A percentage of the contract sum paid to the contractor at the start of the project

• A percentage of each payment made under a construction contract which is withheld to ensure that works are completed to the required standard

What are Delay and Prolongation Costs?

• Costs incurred by the main contractor or their subcontractors as a result of an extension of time caused by the fault of the employer

• Costs incurred by the employer due to project delays

• Costs incurred by the contractor due to project delays

• Costs incurred by the contractor or their subcontractors as a result of an extension of time caused by the fault of the contractor