What is interim certificate?

: a temporary or preliminary certificate (as of securities)

Is an interim certificate a payment notice?

‘Default’ payment notice/contractor application For example, JCT SBC 2011 and 2016 provide that, if the architect fails to issue the interim certificate within the five-day period, the contractor’s payment application, if it has made one, becomes the payment notice.

How often are interim certificates issued?

Certificates generally result in payment being made by the client to the contractor. These certificates can either be issued regularly during the course of the works, such as interim certificates (normally issued monthly), or may signify that a particular stage has been achieved, such as practical completion.

What is an interim payment?

An interim payment is an immediate payment for an immediate need. It is a sum of money advanced to a claimant from the total pot of compensation they will get at the end of their personal injury claim.

When does an interim payment certificate need to be issued?

“Interim Payment Certificates” means a payment certificate issued under the Clause on monthly basis during currency of contract until statement at completion”Contract Price and Payment”, other than the Final Payment Certificate.

How does an interim certificate work in a construction contract?

The amount of these payments is entered onto an interim certificate (generally valued by the cost consultant, perhaps having taken advice from the lead designer) and the client must honour the certificate within the period stipulated by the contract .

How are interim payments made in a contract?

Within each contract there will be clauses that set out the method of valuing the works, the criteria under which interim payments will be made, the timing of these payments and the administrative rules under which quantity surveyors (cost managers), contract administrators, employers and contractors must operate.

Who is the certifier for an interim valuation?

The purpose of interim valuations is to provide advice to the certifier on a construction project for the issue of interim certificates and payment notices. The certifier will be the contract administrator, employer’s agent, the project manager or the employer – depending on the contract conditions being used.