What does it mean?
An interim valuation assesses the value of work and other eligible items at a point during a project. It supports the payment process under the applicable contract. It can include measured progress, permitted materials, adjustments and deductions. The valuation date, evidence of completion and rules for materials are essential to understanding what the figure represents.
In practice
If an eligible item has a total measured value of 20,000 and 60% is properly assessed as complete, its gross contribution is 12,000 before applicable deductions and previous payments.
Keep in mind
For a project record, note the document reference, revision and agreed measurement or contractual basis beside the quantity. Keep assumed information visibly separate from confirmed information. If two parties use different definitions or inclusions, resolve that difference before comparing amounts. These explanations are general estimating context; the wording of the applicable contract and its administration process must be checked for the particular job.