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What is an interim certificate?

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

What is an interim valuation?

The purpose of interim valuations is to provide advice to the certifier on a construction project for the issue of interim certificates and payment notices. The certifier will be the contract administrator, employer's agent, the project manager or the employer ? depending on the contract conditions being used.

How does payment by certificate work?

Although not a legal document, the Payment Certificate drives payment from the contractor to the subcontractor and can be issued either as an Interim Payment Certificate, showing the project's financial details up to that point in time or a final Payment Certificate, when the works are completed.

What is an interim share certificate?

Interim Certificates means the interim certificate(s) representing the Shares endorsed by the selling shareholders in the Target for the benefit of the Purchaser.

What is interim in construction?

Interim payments in construction allow subcontractors to receive payment against works in stages, spreading the value and payment for the works over the length of the whole project rather than waiting for full and final payment at its conclusion.

What is the interim payment process?

Interim payments are designed to recompense subcontractors for work at intervals throughout the project, so they don't have to wait until the end before they receive any money. The contract should detail a schedule for each interim payment, stipulate the due date, and a final date for payment.

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