Interim payment
A payment on account during the job, usually monthly, for the work done so far.
by Jack Butler-Kettle · About 1 min readShare
Further detail
Read this alongside section 109 of the Housing Grants, Construction and Regeneration Act 1996 and JCT Explains…Interim Payments.
Interim payments provide payment on account during the work. A cumulative application normally considers the value to date and previous amounts, rather than claiming the entire cumulative value again. An interim assessment does not necessarily determine the final valuation of the package.
Reconcile measured work, adjustments and previous amounts at each cycle. Our Subcontract payment assessments service keeps the application or assessment and its supporting record consistent.
Sources
- Housing Grants, Construction and Regeneration Act 1996, s 109 (Entitlement to stage payments). legislation.gov.uk.
- JCT Explains…Interim Payments (16 October 2023). The Joint Contracts Tribunal.