Design Payment Certificate For Free

Contract Certificate means the certificate produced by the Company which, together with the Contract Documents listed in Clause 1.2, form the basis of the Contract. If there is more than one Contract Certificate, then each one will constitute a separate Contract on the terms specified by the Company.

Retention payments are a percentage of milestone payments owed to a subcontractor or vendor. They are withheld pending full practical completion and resolution of any defects. Many project owners or end clients also hold retention payments from monies due to the head contractor at the agreed project milestones.

Agreement Certificate means a certificate that confirms fitness-for-purpose of a non- standardised product, material or component or the acceptability of the related non-standardised design and the conditions pertaining thereto ( or both ) issued by the Board of Agreement South Africa; Sample 1.

Payment Certificate means a document issued by the principal agent certifying the amount due and payable by the employer to the contractor or vice versa.

Retention money is the amount of money deducted in the progress claim and keep by the employer. This is to safeguard the employer from any non-conformance of work by the contractor. Usually in construction contracts,10% of the progress claim is deducted as retention money. However, the limit of retention is 5%.

Contract Document is the written documents that defines the basis of contract consisting of both parties' roles, responsibilities, and detailed description of the work or service such as drawings, specifications, procedures, any other conditions, as well as the commercial information including the prices agreement,

Prior to payment, a certificate is usually issued by the Architect after inspection of the work done and certifying it as good. Some certificates issued by the Architect in construction works include: 1. Interim Certificate: usually given periodically on completion of milestones as set out by the contract.