What is interim payment certificate?

An interim payment certificate is a document issued by a contract administrator or quantity surveyor during the course of a construction project, certifying the amount that a contractor is entitled to be paid for work completed up to a specific date. It typically outlines the value of the work performed, any deductions for retention or penalties, and the total amount payable at that stage. This certificate facilitates regular cash flow for contractors by allowing them to receive partial payments instead of waiting until project completion.