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More Definitions of Interim Payment Certificate Interim Payment Certificate means any payment certificate issued by the Engineer other than the final payment certificate. Interim Payment Certificate means any payment certificate other than Final Payment Certificate, issued by the Owner/Project Manager.

An interim payment is a payment made by a defendant on account of a claimant's monetary claim before the court has made a final determination on the amount of that claim.

A commercial interim payment is given to the contractor after some work has been done, whereas a commercial advance payment is given to the contractor when no work has been done.

An IPC is a document that is issued by the owner of a project (or their representatives) to the contractor. It certifies that the contractor has completed a certain amount of work and is entitled to receive payment for that work. The IPC is a legally binding document that can be used to resolve payment disputes.

To give an example, you may require emergency surgery at a private healthcare facility. You can make an official request to receive an interim payment to the value of the cost of this surgery. This means you would receive this part of your compensation ahead of schedule.

Final Payment means the last and final monetary compensation made to Contractor for any portion of the Work that has been completed and accepted for which payment has not been made, amounts owing to adjustments to the final Contract Sum resulting from approved change orders, and release of Contractor's retainage.

What is included in an interim payment? The purpose of an interim payment is to pay the contractor the approximate value of the work carried out up to an agreed date or stage. The main component of an interim payment will be the value of the work carried out in ance with the rules of the particular contract.

noun. : a temporary or preliminary certificate (as of securities)

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232