Contract costing

Work certified is that portion of the contract which is completed and for which certification is received from either Architect or Surveyor.  Work certified is always valued at Contract Price.

Value of work certified is that part of work certified for which Cash has been received from the  Contractee.Generally 80% of work certified is paid by the Contractee, and 20% is kept as Retention Money.(This 80%,20% is in the case where Question Remains Silent.).

the difference between the two is simply THE PROFIT on the work CERTIFIED...that is it...

agree with dheeraj  cost of work certified + notional profit ))= value of wc 

THNX A LOT DHEERAJ,PREM & MRIDUL.