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JCT: Assessing interim payments to which date (Due Date or IVD)
When a Contractor submits his interim Payment Application under, say a JCT SBC/XQ 2016, to which date is his works valued to?
Is it the relevant due date or is it the Interim Valuation Date?
I feel it is IVD based on the wording under 4.14 Gross Valuation.
4.10.1 - Contractor submits Payment Application not later than IVD. Stating the sum that he considers due to him at the relevant due date. The Payment Application is valued in accordance with 4.14.
4.14 - The Gross Valuation for each interim payment shall be ....., each calculated as at the IVD.
Therefore, my reading it that the sum the Contractor should consider due to him at the relevant due date is his interim payment application calculated based on the Gross Valuation with a cut off date of the IVD???
My above thinking applies to both the JCT and NEC3 as PM assess up to the assessment date and the due date is 7 days after this (Y2.2)
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