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.
(FIDIC Conditions of Contract Definition)
Interim Payment Certificates
Most standard forms of contract state an entitlement on the part of the contractor to interim payment. These payments assist in the contractor`s cashflow, but the actual determination of the contractor`s entitlement is not made until the final certificate. The interim payments are therefore sums paid on-account of whatever the contractor might eventually be entitled to recover from the Employer. Most standard forms make the issue of a certificate a condition precedent to the contractor`s right to payment.
It is a matter of fact whether payment for work carried out is a statement of acceptance or approval. Most contract provisions for interim certification and payment are based on cumulative valuation of work done, and are only for payments on account. They are not binding nor conclusive of acceptance of the work.
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