The interim valuation is for all work completed, not for the work completed in that period. This means that the certified interim payment is calculated by subtracting the the previous valuation from the current valuation, less any deductions.

Advance payments are amounts paid before a good or service is actually received. The balance that is owed, if any, is paid once delivery is made.

Certificate for Payment means a written certificate executed by the Authority indicating the amount that the Trade Contractor is entitled to be paid in connection with each Trade Contractor Application for Payment.

'Prepaid cell phones' are examples of an advance payment. The customer has to make payment for the prepaid cell phone in advance to enjoy its benefit for a month. The service provider only provides service for one month when it receives the prepayments. Likewise, 'Prepaid rent' or 'utilities' are other examples.

Advanced Payment in Full Suppliers to which a full advanced payment is issued must provide a complete and final invoice (or Proforma invoice) for the full amount of the advance payment prior to the issuance of payment. The invoice must contain the confirmation of total cost, including tax, freight, handling, etc.

Advance Payment Certificate Based on the contract terms for purchase between the exporting and importing parties, importers in the destination countries can transfer the money through authorized banks to the account of exporter in the class 'A' commercial bank.