Valuation of interim payment : contract terms and statutes

Valuation is a process of determining the estimated amount that a contractor is entitled to received for his performance at a particular stage or in a particular period of time under a construction contract. This process is normally carried out by certain professional specified in the contract. Stat...

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Main Author: Nayan, Roselan
Format: Thesis
Published: 2010
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spelling my-utm-ep.362722017-08-21T01:30:09Z Valuation of interim payment : contract terms and statutes 2010 Nayan, Roselan TH Building construction Valuation is a process of determining the estimated amount that a contractor is entitled to received for his performance at a particular stage or in a particular period of time under a construction contract. This process is normally carried out by certain professional specified in the contract. Statutorily, the Quantity Surveying Act 1967 authorises registered quantity surveyors to perform this task. At the same time the Act also allows other professionals to do the same if their regulating statutes express them to do the same. Contractually, the construction contracts specify other professionals to carry out this process. The question is, do the statutes that regulate those other professionals authorise them to do the same. The issue is therefore mainly relate to construing the statutory and contractual provisions. The objective of this study is to determine whether the architects and the engineers as contract administrators have the required statutory authority to do valuation work for interim payment. The scope of this research is confined to the Registration of Engineers Act 1967, Architects Act 1967 and the Quantity Surveyors Act 1967. The methodology used in this research consists of two parts. Part one is essentially reviews the literature on the theoretical and practical aspects of payments in conditions of contracts and statutes. Part two comprehensively analyses the relevant contractual and statutory provisions and the case law extracted from Lexis Nexis. The rules of interpretation are used to interpret the contractual as well as the statutory provisions. The research found that the Quantity Surveyors Act 1967 authorises registered quantity surveyors to perform the valuation work, but at the same time it does not prohibit other professionals to carry out the same task as long their respective statutes expressly provide them with that authority. Although there are express provisions in the Engineers and Architects acts that mention the term ‘valuation’ it cannot be construed as ‘valuation’ for the purpose of preparing interim payments. Therefore, it can be concluded that valuations of contractors work made by architects and engineers for the purpose of interim certificates are not valid. 2010 Thesis http://eprints.utm.my/id/eprint/36272/ masters Universiti Teknologi Malaysia, Faculty of Built Environment Faculty of Built Environment
institution Universiti Teknologi Malaysia
collection UTM Institutional Repository
topic TH Building construction
spellingShingle TH Building construction
Nayan, Roselan
Valuation of interim payment : contract terms and statutes
description Valuation is a process of determining the estimated amount that a contractor is entitled to received for his performance at a particular stage or in a particular period of time under a construction contract. This process is normally carried out by certain professional specified in the contract. Statutorily, the Quantity Surveying Act 1967 authorises registered quantity surveyors to perform this task. At the same time the Act also allows other professionals to do the same if their regulating statutes express them to do the same. Contractually, the construction contracts specify other professionals to carry out this process. The question is, do the statutes that regulate those other professionals authorise them to do the same. The issue is therefore mainly relate to construing the statutory and contractual provisions. The objective of this study is to determine whether the architects and the engineers as contract administrators have the required statutory authority to do valuation work for interim payment. The scope of this research is confined to the Registration of Engineers Act 1967, Architects Act 1967 and the Quantity Surveyors Act 1967. The methodology used in this research consists of two parts. Part one is essentially reviews the literature on the theoretical and practical aspects of payments in conditions of contracts and statutes. Part two comprehensively analyses the relevant contractual and statutory provisions and the case law extracted from Lexis Nexis. The rules of interpretation are used to interpret the contractual as well as the statutory provisions. The research found that the Quantity Surveyors Act 1967 authorises registered quantity surveyors to perform the valuation work, but at the same time it does not prohibit other professionals to carry out the same task as long their respective statutes expressly provide them with that authority. Although there are express provisions in the Engineers and Architects acts that mention the term ‘valuation’ it cannot be construed as ‘valuation’ for the purpose of preparing interim payments. Therefore, it can be concluded that valuations of contractors work made by architects and engineers for the purpose of interim certificates are not valid.
format Thesis
qualification_level Master's degree
author Nayan, Roselan
author_facet Nayan, Roselan
author_sort Nayan, Roselan
title Valuation of interim payment : contract terms and statutes
title_short Valuation of interim payment : contract terms and statutes
title_full Valuation of interim payment : contract terms and statutes
title_fullStr Valuation of interim payment : contract terms and statutes
title_full_unstemmed Valuation of interim payment : contract terms and statutes
title_sort valuation of interim payment : contract terms and statutes
granting_institution Universiti Teknologi Malaysia, Faculty of Built Environment
granting_department Faculty of Built Environment
publishDate 2010
_version_ 1747816421346246656