![]() ![]() Thus it becomes a cash flow between the two parties. Any certificate of payment issued by the Engineer before the Final Payment Certificate is defined as an interim Payment. ![]() Interim certificates provide a mechanism for the client to make payments to the contractor before the works are complete. The SOV contains a line-item list of all of the work you will complete on the job and the. The interim amount calculates monthly valuations. Unlike a traditional mortgage an interim construction loan is a short-term loan that lasts only as long as it takes to complete the construction. ![]() Most construction contracts require interim payments to be paid to the contractor.Ĭonstruction Payment Certificate Template 1 Templates Example Templates Example Report Template Certificate Templates Templates This is to relieve the contractor of the burden of financing the whole of the works until completion. Most standard forms of construction contract expressly provide for a Payment Application from the payee. ![]()
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