Interim Valuation Template (UK Construction) — Free Excel
Free interim valuation template in Excel for UK construction. How to value measured work at the Interim Valuation Date, what the valuation must show, and how it feeds the payment application and certificate.
Key Takeaways
- Value to the contractual valuation date, not to the day you do the paperwork.
- Show percentage complete, gross to date and movement — a total on its own cannot be checked.
- Keep variations, dayworks and measured work on separate lines.
- Record what was certified against what you valued, every cycle, from the first one.
- Retention is a separate deduction, shown once.
Valuation and certification on the same record
Site Samurai holds the contract schedule, values each cycle against it, and carries the result into the payment application without a re-key. When the client certifies, the certified figure is recorded against what you valued, so the difference and its reason live on the project record from cycle one instead of being reconstructed at final account.
What an interim valuation is
A valuation is a measured assessment of the works at the Interim Valuation Date or NEC4 assessment date. It prices measured work, agreed variations, dayworks and — where the contract allows — materials on site, then deducts retention and everything previously certified to give the sum due for this cycle. The valuation is the evidence; the application or certificate is the document that carries it.
- It is measured to a contractual date, not to the date the spreadsheet was filled in.
- It prices what has been built, not what was programmed to be built.
- It is the supporting evidence a payment notice checks against.
- Under JCT SBC/Q the Quantity Surveyor values; under JCT Design and Build the Contractor’s Interim Application drives the valuation.
When to value, and what happens next
Value at the date the contract names. Everything downstream is counted from it, so a valuation done a week late moves the money a week later even if the paperwork looks tidy.
| Contract form | Valuation point | Due date | Final date for payment |
|---|---|---|---|
| JCT SBC/Q 2016 | Interim Valuation Date | 7 days after the Interim Valuation Date | 14 days after the due date |
| JCT Design and Build 2016 | Interim Valuation Date, driven by the Interim Application | 7 days after the Interim Valuation Date | 14 days after the due date |
| NEC4 ECC | Assessment date set in Contract Data | Certified within one week of the assessment date | Payment within three weeks of the assessment date unless Contract Data says otherwise |
| Scheme default | End of the relevant period | 7 days after the end of the period or your claim, whichever is later | 17 days after the due date |
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What the valuation must show
A valuation that only shows a total is not a valuation, it is a number. Every line should be traceable to something the payer can check without asking you for it.
- The valuation date and the cycle number the valuation belongs to.
- Each measured item with its contract value and the percentage complete at that date.
- Gross value to date for each item, and the movement since the last cycle.
- Agreed variations, priced and referenced to their instructions.
- Dayworks, referenced to signed sheets.
- Materials on site, only where the contract allows them to be valued.
- Retention at the contract percentage, shown as its own deduction.
- Amounts previously certified, deducted to give the sum due this cycle.
Worked example
A drainage package worth £180,000 is valued at an Interim Valuation Date of 25/09/2026. Measured work is 45% complete, so £81,000 gross. An agreed variation for a diverted service adds £6,200 and a signed daywork sheet adds £940, giving £88,140. Retention at 3% is £2,644.20. Previously certified is £61,000. The sum due this cycle is £24,495.80 excluding VAT. Because the valuation date is 25/09/2026, the due date is 02/10/2026 and the final date for payment is 16/10/2026. If the certificate values the measured work at 42% instead of 45%, the difference is £5,400 — and the reason for that difference is what the Valuation Record sheet exists to capture, so it is not being rediscovered at final account eight months later.
Common mistakes
Interim valuations go wrong in ways that only become expensive at close-out.
- Valuing to the wrong date, which understates or overstates progress and moves every deadline.
- Carrying a percentage forward from last month rather than re-measuring.
- Mixing agreed and unagreed variations into one line, so a dispute about one stalls payment for all.
- Including materials on site where the contract does not permit it, or without the storage and identification the clause requires.
- Not recording what was certified against what was valued, so the gap is invisible until the final account.
- Deducting retention twice, once inside the measured line and again as a separate deduction.
How the valuation feeds the payment cycle
The valuation produces the figure that goes into the application. The application starts the notice clock. The payment notice answers with the payer’s figure, and any difference between the two is a valuation difference you should be able to explain from your own record. At close-out, the accumulated differences are the final account negotiation. Keeping a valued-versus-certified column from cycle one is the cheapest final account preparation there is.
- Valuation → application → payment notice → pay less notice (if any) → payment.
- Every certified difference is a final account line waiting to be argued.
- Retention held at each cycle carries straight into the retention statement.
Sources
Every timing on this page was checked against the source named below before it was published. This is general information, not legal advice — your contract particulars govern.
- Housing Grants, Construction and Regeneration Act 1996, Part II, ss.109–111 (as amended by the Local Democracy, Economic Development and Construction Act 2009) — legislation.gov.uk/ukpga/1996/53/part/II
- Scheme for Construction Contracts (England and Wales) Regulations 1998, Schedule Part II, paragraphs 4, 8, 9 and 10 — legislation.gov.uk/uksi/1998/649/schedule/part/II
- JCT, "JCT explains: interim payments" (SBC/Q 2016 clauses 4.9 and 4.11) — corporate.jctltd.co.uk/jct-explains-interim-payments/
- NEC4 ECC clauses 50.1, 51.1 and 51.2 and secondary Option Y(UK)2, as summarised by HKA, "How to get your NEC4 ECC pay less notice right under Y(UK)2" — hka.com
Last reviewed: 2 September 2026
Value once, and let the application build itself
Site Samurai values against the contract schedule and carries the result straight into the application, with the certified figure recorded back against it.
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Value against the contract schedule, carry it into the application, and keep a valued-against-certified record for every cycle.