What do I need in order to have a Construction Valuation to be prepared

Like any other valuation, relevant specifications and construction drawings will be required in order to prepare the valuation, but additionally a
written contract evidencing the total price agreed for the works will also need to be in place in order for a construction valuation to be done.

Also as the level of accuracy required for a construction valuation is greater than other forms of valuation, it is essential that all (or the large
majority) of the subcontract work packages be let prior to carrying out a construction valuation.

A final requirement is to have photographic/video evidence of the stage of the works reached as at the date of submission of the Application
for Payment (AFP) which now needs to be verified by a construction valuation.

These photographs/videos should (as standard contract management procedure) be available for all of the items of work submitted for in the
AFP or at a minimum, for those works expected to be disputed by the client/principle/engineer/architect which are now in dispute.

Alternatively if such photographs/videos are not available then you should have a construction valuation prepared as close as possible to the
date of submission of the AFP. Then provided that this can be done (and the works have not progressed significantly since the date of the AFP)
the valuation report when done by an independent 3 rd party should in most cases be sufficient to evidence the same as what
photographs/videos would have, had they been available.