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Can anyone pls tell me what exactly do >Value of Work Certified >Cost of Work Uncertified >Cost of Work Certified mean
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Best Answer
Swetha S
Cost of Work Uncertified: It represents the cost of the work which has been carried out by the contractor but has not been certified by the expert. It is always shown at cost price.
Cost of Work Uncertified Total Cost to Date XXX Less: Cost of work Certified XXX Material in Hand. XXX Plant at site. XXX. XXX COST OF WORK UNCERTIFIED. XXX
Cost of Work Certified or Value of Work Certified: A contract is a continuous process and to know the cost or value of the work completed as on a particular date; assessment of the completion of work is carried out by an expert (it may be any professional like surveyor, architect, engineer etc.). The expert, based on his assessment, certifies the work completion in terms of percentage of total work.
Swetha S
a) Value of Work Certified = Value of Contract Ã? Work certified (%) (b) Cost of Work Certified = Cost of work to date - (Cost of work uncertified+ Material in hand + Plant at site)
(a) Value of Work Certified = Value of Contract * Work Certified (%)
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