Interim Payment Certificates definition

Interim Payment Certificates means a payment certificate issued under the Clause "Contract Price and Payment", other than the Final Payment Certificate.
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Interim Payment Certificates means a payment certificate issued under the Clause “Contract Price and Payment”, other than the Final Payment Certificate. In other words, it provides a mechanism for the client to make payments – usually milestone-based – to the contractor before the works are complete. Interim payments can be agreed upon in advance and paid at specific milestones, but they are more commonly regular payments based on the value of work completed (this is the actual value of the work completed, taking into account variations, etc.). The amount of these payments is recorded on an interim certificate (generally valued by the cost consultant, possibly with advice from the lead designer), and the client is required to honour the certificate within the time frame specified in the contract. If the client intends to pay a different amount than what is shown on the interim certificate, they must notify the contractor of the amount and the basis for its calculation (pay less notice – see Housing Grants, Construction and Regeneration Act for more information). The value of interim certificates is equal to the value of the completed work less any amounts already paid and less retention. Half of this retention will be released upon practical completion certification, and the other half will be released upon the issuance of a certificate of making good defects. Interim certificates should specify the amount of retention, and a statement detailing retention for nominated subcontractors, if any, should be prepared.
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Examples of Interim Payment Certificates in a sentence

  • SUBCLAUSE 60.3 – PAYMENT OF RETENTION MONEY A retention amounting to the percentage stipulated in the Appendix to Bid shall be made by the Engineer in the first and following Interim Payment Certificates until the amount retained shall reach the "Limit of Retention Money" named in the Appendix to Form of BID.

  • This Guarantee shall remain valid up to the aforesaid date and shall be null and void after the aforesaid date or earlier if the advance made to the Contractor is fully adjusted against payments from Interim Payment Certificates of the Contractor provided that the Guarantor agrees that the aforesaid period of validity shall be deemed to be extended if on the above mentioned date the advance payment is not fully adjusted.

  • A retention amounting to the percentage stipulated in the Appendix to Bid shall be made by the Engineer in the first and following Interim Payment Certificates until the amount retained shall reach the "Limit of Retention Money" named in the Appendix to Form of BID.

  • Employer’s Agent issues: Interim Payment Certificates, Final Payment Certificate and the Certificate of Completion of the Works as defined in the Contract.

  • However, prior to issuing a Taking-Over Certificate for the Works, the Engineer shall not be bound to issue an Interim Payment Certificate in an amount which would (after any deductions) be less than the minimum amount of Interim Payment Certificates (if any) stated in the Appendix to Tender.

  • The Engineer shall then certify in accordance with sub-clause 14.6 [Issue of Interim Payment Certificates].

  • Engineer issues: Interim Payment Certificates, Final Payment Certificate and the Certificate Completion of the Works as defined in the Contract.

  • This Guarantee shall remain in force until the advance is fully adjusted against payments from the Interim Payment Certificates of the Contractor or until (Date) The Guarantor's liability under this Guarantee shall not in any case exceed the sum of Rupees (Rs ).

  • This Guarantee shall remain in force until the advance is fully adjusted against payments from the Interim Payment Certificates of the Contractor or until The Guarantor's liability under this Guarantee shall not in any case exceed the sum of Rupees (Rs _ ).

  • The Engineer shall issue an Interim Payment Certificate for the Advance Payment after receiving a Statement (under Sub-Clause 14.3 [Application for Interim Payment Certificates]) and after the Employer receives the Advance Payment Bond for the value of the Advance Payment.