Provisional Sums Explained

If you’re a Quantity Surveyor, you’ve most likely estimated or come across a provisional sum in a price. If you haven’t, that’s ok. By the end of this short video, you will be a pro in understanding Provisional Sums.
Find out more from our blog post here: www.metroun.co.uk
#QuantitySurveying #QuantitySurveyor #provisionalsum
Downloads:
LIFETIME TEMPLATE LICENSE - Get access to industry-ready templates that will streamline and support all your commercial needs. All templates easily downloaded with updates and new templates sent directly to your email: www.metroun.co...
Free CV Template for graduate QS: www.metroun.co...
Other Downloads: www.metroun.co...
Why not follow us on social media?:
LinkedIn: www.linkedin.c...
Facebook: / metrounqs
Twitter: / metrounservices
Instagram: / quantitysurveyormemes
DISCLAIMER
Thank you for viewing our RUclips page and video. By participating on this RUclips page and viewing this RUclips page and video you agree to comply with the following terms:
The information contained within this RUclips page and video is provided for general information purposes only. It does not claim to be or intend to be legal or professional advice and shall not be relied upon as such. The person or persons in the video and the Metroun RUclips channel welcome your thoughts and comments on the video.
The person or persons in the video and the Metroun RUclips channel do not accept any responsibility for any losses which may arise from accessing or relying on the information in this video and to the fullest extent possible permitted by law we exclude all liability for loss and/or damages direct or indirect arising from the use of this video and/or the information contained within it.

[@enginner973]

Your effort is appreciated.

[@Metroun]

Your viewing of this video is even more appreciated... 👍😊

[@mohamednazrin3124]

Condingesies money used for what process?

[@Metroun]

Hello, Sorry can you rephrase the question?

[@sonilejere4316]

How are the provisional sums valued for interim payments?

[@Metroun]

In general terms;
Instruction Issuance:
The client issues instructions for work covered by provisional sums as the project progresses and details become clear.
Quotations and Valuation:
The contractor provides a quotation for the instructed work.
The work is valued based on actual costs, quotations, or pre-agreed rates.
Inclusion in Interim Payment Applications:
The contractor includes the value of work done under provisional sums in their interim payment applications.
Supporting documentation, such as invoices, receipts, and measurement records, is provided.
Assessment and Certification:
The contract administrator or client’s representative assesses the value of work done under provisional sums.
They certify the amount to be included in the interim payment.
Adjustment of Provisional Sums:
Any variations between provisional sums and actual costs are adjusted in the final account.
Unspent provisional sums are deducted from the contract price.

[@sonilejere4316]

@@Metroun this is very clear and detailed explanation thank you very much

[@henryjackson7231]

Good job Metroun.
What about PC sum?

[@Metroun]

This will be a future video topic. Make sure you subscribe so you'll be one of the first too see it.
Thank you for your lovely comment

[@nipunadesilva3945]

If it is additon how do you claim it

[@Metroun]

This would be under an employer's instruction. So, you'd present your actual costs plus the agreed fee as a submission. Hope that helps?

[@kashmirinaat]

Can there be inflation on deprived provisional sum

[@Metroun]

Hello Mukhdoom,
So you mean a defined provisional sum? If so, a provisional sum cost is not "set in stone", so as the works go on, you'd compile a cost and pass to the client as an actual cost plus the agreed fee. So yes, it would include any inflation cost as its an actual cost.