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What is payment certificate?

Payment Certificate means a payment certificate issued under Clause 14 [Contract Price and Payment]. Based on 28 documents 28. New List. Payment Certificate means a written claim for payment of Losses in reasonable detail and specifying the amount of such Losses.

What is a payment certification?

Interim certificates provide a mechanism for the client to make payments to the contractor before the works are complete. The Housing Grants, Construction and Regeneration Act, states that a party to a construction contract in excess of 45 days is entitled to interim or stage payments.

What is an AIR Application for Payment?

An AIR is a document that contains completed contract billing throughout the project. This document was created mainly to assist architects working on a construction project to be paid for the work completed on the project.

What is interim certification?

Definition. A provisional document certifying the purchase of stock or bond certificates that has yet to be issued. In contracting, an interim certificate authorizes the commencement of work and is issued in anticipation of the issuance of a final certificate.

What is interim payment certificate in construction?

”Interim Payment Certificates” means a payment certificate issued under the Clause “Contract Price and Payment”, other than the Final Payment Certificate. In other words, it provides a mechanism for the client to make payments — usually milestone-based — to the contractor before the works are complete.

What is an interim certificate?

Interim certificate is the most frequently used certificate in construction contracts, often use interchangeably with a progress certificate. It has to fulfill two functions, such as controlling the work progress and normalizing installment payments or interim payments, agreed with the contractor.

What is a payment certificate in construction?

Payment certificates are mainly used in the construction projects as the documents verified by the construction project owners, architects or engineers to keep an account of the work completed and is approved by the contractor. It is a concept similar to the payment agreement in advance by the client to the contractor.

What is interim valuation in construction?

Interim valuation is a precursor to the issue of an interim certificate, which in turn allows an interim payment to be made. Furthermore, it is a detailed breakdown, generally prepared by a contractor, that constitutes an application for part payment for work undertaken since the last valuation.

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