Interim Payment

Interim Payment definition

/ˈɪnt(ə)rɪm/ /ˈpeɪm(ə)nt/

What does Interim Payment mean?

Most building and engineering contracts include express provisions for paying contractors in instalments as the work progresses—these are known as interim payments. Even where there is no express provision for interim payments, there may still be an implied term for reasonable payments to be made as the work progresses, and the Housing Grants, Construction and Regeneration Act 1996 provides for interim payments where works last longer than 45 days.

Interim Payment explained

Interim payments can either be made at regular intervals, for example on a monthly basis, or following completion of stages of the works (often referred to as milestones).

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