Assuming Alternative B, can you confirm what a Contractor is entitled to include in their Contractor’s Application? Should it be works executed up to the Interim Valuation date, the date of their application or can they forecast up to the Due Date?
The answer is that the valuation is based on the amount due at the due date. Clause 4.7.3 makes it clear that the Contractor applies for the amount that it considers is due at the due date and the Contractor is required to show how that is calculated.
Just to add to Mike’s correct answer. The JCT unfortunately does not give any further clarity in terms of how you determine the amount you consider is due, hence it is likely that the amount the Contractor includes in the Payment Application will be reduced in the Payment Certificate.