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interim payments are vital for construction projects which span over long durations as it enables ongoing financing for the contractor however interim payments are not just convenience for the contractor its also a requirement under uk law in this video were going to look at what the law says and what process needs to be followed before we begin if you enjoy watching these videos be sure to like subscribe and hit the notification bell so when our interim payments actually required lets look at what the housing grants construction and regeneration act 1996 states a party to a construction contract is entitled to payments by installments stage payments or other periodic payments for any work under the contract unless a it is specified in the contract that the duration of work is to be less than 45 days or b it is agreed between the parties that the duration of work is estimated to be less than 45 days basically if the work is longer than 45 days then interim payments will need to be
