I WANT 2 KNOW WHT IS THE DIFFRENCE B/W COST OF WORK CERTIFIED & VALUE OF WORK CERTIFIED.
THNX IN ADVANCE.
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Contract costing
Replies (4)
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.
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