Analyze payment certificate easily

Aug 6th, 2022
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How to analyze payment certificate

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hi in this video i am going to explain how to make a payment application for contractor and what is the difference between payment application and payment certificate starting right now so starting with the difference between payment application and payment certificate lets assume that you are a contractor and you have one job or one project and the project value for example is hundred thousand and the duration of the job is lets say five months so the thing is that you will not get the hundred thousand in the first day or in the first month there will be some payments that you will do you will prepare and you will submit for approval and this will be based on the percentage of work done this month you will get paid so when you submit or when you claim for some amount or for the works that you have executed this month the application that you submit is called a payment application so basically you go and you calculate the percentage or the worth of the works that you have executed t

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Payment certificates Interim Payment Certificates made following submission and checking of periodic valuations. Penultimate Certificate issued when Practical Completion is achieved. Final Certificate issued at end of rectification period, releasing retention (subject to all being well with site).
The payment certificates function is to record the factual situation existing at a point in time during the progress of the works and for the certifier to give, in effect, his opinion as to the item / s being certified i.e. the value of the work performed to a certain point in time.
Payment Certificate means a document issued by the principal agent docHubing the amount due and payable by the employer to the contractor or vice versa.
In a project-financed environment, the Principal will involve the lenders in the payment certification (e.g. through an independent certifier or the lenders technical advisors). This ensures that lenders are in agreement with the outcome and will put the Principal in funds for the payment.
An analysis of data indicated that used schedule of rate, fair market rate, daywork rate and negotiation are the four most famous method practicing in valuing a variation order in lump sum contract but its rely on the circumstances and the character of works.
The JCT minor works building contract (MW 16) includes provision for a penultimate certicate, which signifies that there is no more work to value and triggers the final progress payment. Once issued, only the final certificate remains.
Interim Payment Certificate or IPC means the interim payment certificate issued by the authoritys engineer for payment to the contractor in respect of contractors claims for payment raised in ance with the provisions of this agreement; Sample 1.
An application for payment refers to a request for interim payment, or complete payment, by a contractor or a subcontractor in the construction industry.

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