SLR ( Sri Lankan Rupees )
Download Sample Interim Payment Application PDF
is no allowance for interim payment application till completion of project, there will be no cash inflow to the contractor. It make some trouble for the smoothness of his business. To explain the application process, the following sample is attached above, but according to different projects application template will be varied.
sum is defined as amount accepted in letter of acceptance (By Contractor) of acceptance for execution and completion of the works and the remedying of any defects. In simple words, this is sum agreed at contract awarded time. It can be increased or decreased after the real execution. (Scope changes/Variation).
of valuation means the date that payment application considered so far. In other words, all the value of works done up to that date are claimed in that payment application. Progress bill number reflects serial number of the application. These applications can be sent every month or after completion of certain value of work, etc. That depends on different project and contracts.
deductions cover any other additional cost which should be deducted from contractor’s account. Total deductions is addition of retention, advance recovery, previous certified payments & other deductions.
Then finally gross amount is calculated by the difference between sub-total 2 and total deductions. This will be amount given to the contractor as payment for particular application. But all these to be justified by proper back-ups.
Otherwise contractor will not be paid the amount as he applied. There is chance for difference between contractor’s applied amount and engineer’s certified amount.