![]() ![]() It is not the valuation of work done since the last payment was issued. However, on very large contracts, a shorter period also may be specified.Īn interim valuation involves a re-valuation of the whole work up to the time of measurement. Interim certificates are normally issued monthly. It is how the contractors receive progress payments during the construction. This will help to relieve the contractor of the burden of financing the whole of the work.Īny certificate of payment issued by the Engineer before the Final Payment Certificate is defined as an interim Payment. Therefore, it is a usual practice to include a clause in any Condition of Contracts enabling interim payments to contractors. ![]() Then, the cost of money for the required capital will be reflected in the tender sum. If contractors do not receive interim payments during the construction for what they have already constructed, they need higher capital to finish the contract. Therefore, different funding arrangements are required for contractors to control their cash flow. Construction projects are generally long-term engagements that require a lot of capital. ![]()
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