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How to compile payment certificate

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In this lecture, we will review a typical example of a payment certificate related to clause 25 of the jbcc principal agreement. It is important to include items such as default interest for late payment, recovery statements, and notifications to subcontractors in the payment certificate. This example focuses on interim payment certificate number nine, with the final certificate only issued upon project completion.

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What is a payment certificate for contractor?

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.

Who prepares the payment certificate in construction?

In typical stipulated-sum construction contracts, the architect is responsible for preparing Certificates for Payment indicating when and how much a client must pay the contractor.

What is the difference between interim payment and final payment?

Interim Payment Certificate means a payment certificate issued under Clause 14 [Contract Price and Payment], other than the Final Payment Certificate. Interim Payment Certificate means any certificate of payment issued by the Engineer other than the Final Payment Certificate.

What are certificates of payment?

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.

What is a payment certificate?

Certificates generally result in payment being made by the client to the contractor. These certificates can either be issued regularly during the course of the works, such as interim certificates (normally issued monthly), or may signify that a particular stage has been achieved, such as practical completion.

What is a contract certificate?

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.

What is penultimate payment?

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.

What are the three types of payment certificates?

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).

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