Interim monthly payments

Abstract

Under the ICE Conditions of Contract interim payments, based on the quantity of work done during the previous month, must be made by the employer to the contractor at monthly intervals. The amount of work done is measured by the engineer under the contract, and valued in accordance with the terms of the contract. The engineer then issues a certificate of payment showing the amount that the employer must pay to the contractor. Occasionally other intervals for payment may be agreed to suit accounting periods: for example, payments at four-weekly intervals. Sometimes it is agreed that two out of every three monthly payments are approximate valuations of work done; thus only the quarterly payments are based on a detailed measurement of work done.