Interim Payment Certificate (IPC)

Interim payments occur through out the construction period. The primary mechanism by which the contractor gets paid for the work carried out. This becomes the cash how between the employees at the pre - determined intervals. (monthly) These payments are determined by the value of work carried out by the contractor during this period. In general this may call monthly valuations. Sometimes the interim valuations can be called stage payments or milestone payments paid at specific times when the contractor achieves the various stages of completion ( eg : substructure ground floor level wall ! floor finishes of ground floor "st floor ) #orks (as billed) for purpose of payments ". %. '. 4. +. 6. $easured work including preliminaries. The value of variations ! e&tra work. (alue of nominated subcontractor)s work. *luctuation it any (price escalation) ,nfi&ed material ! goods on site. The retention percentage -etention money - .educt "/0 of work done from each I12 and the limit of retention is +0 (+0 of the contract sum) -etention money is kept to reduce the risk of any defects done by the contractor. In preparation of monthly certificate the above are to be ad3usted accordingly 2onsultant 4 5ngineer to the contract issue a certificate as per the contract to the contractor. (within the duration 6 normally %" days) 2ontractor give the bills ! supporting documents ! to the 2onsultant 4 5ngineer. Then the 5ngineer 4 2onsultant should prepare the I12 within %"days.7nce the I12 is made employees should pay the contractor within "8days.

S9. % 6 section II "8.+

Interim Payment Certificate No : 04th sep 2011

1ro3ect 2lient 2ontractor 2ontractor sum $a&imum retension money (+0 of the contract sum) $obili<ation ;dvance received : : : : -s::::: (e&cluding (;T) : -s::::: .ate of commencement ::. : -s::::: .ate of completion ::::..

". (alue of work done upto %. (alue of variations '. (alue of e&tra work 8. $aterial of site ;dd sub total +. *luctuations sub total .eductions =. ;dvance recovery (%+0 of sub total II) >. -etention ?. 1revious payments @. 9alance due to the contractor

-s. -s. -s. -s. -s.

-s. ( -s. ( -s. ( -s.

) ) )

-upees ::::::.. is due to the contractor in respect of Interim payment certificate no. :::::

::::::::: 2hief Auantity surveyor

:::::::::: 1rinciple ;rchitect

Proposed office building for IC ! at ambalapitiya The contractor submitted Interim valuation Bo.= to the consultant $4s $aheesha ;ssociates. The contract sum is -s."'8 @?@ ++8.8/ (e&cl (;T) ;dvance received -s. %= @@> @"/.?? The total recommended value of work done up to %/ th august %/"" is -s. >+ >=? "+>.// Total variation amount is -s. "= '>/ @+@.%% -ecommended e&tra work -s. % @'8 +%@.+? $aterial at site is -s. ' %'/ 88'.%= The previous recommended payment -s. =' %+@ "8/.>" This pro3ect is entered %.+0 discount for original contract items by the contractor. ;ssume that you are the pro3ect As ! prepare 12 Bo.= Interim payment certificate No"# 04th sep 2011 1ro3ect 2lient 2ontractor 2ontract sum $a&. retension money $obili<ation adv. received : : : : : : 1roposed office building for I29T 9ambalapitiya I29T 9ambalapitiya -s. "'8 @?@ ++8.8/ -s. = >8@ 8>>.>% -s. %= @@> @"/.?? -s. >+ >=? "+>.// -s. >' ?>' @+'./? -s. "= '>/ @+@.%% -s. % @'8 +%@.+? -s. % +?8 '+8.=" -s. @+ >=' >=@.8@ -s.( %' @8/ @8@."%) -s.( = >8@ 8>>.>%) -s.( =' %+@ "8/.>") -s. " ?"8 %%?.@8

".(alue of work done up to %/th august %/"" .iscount %.+0 %. (alue of variations '. (alue of e&tra work 8. $aterial at site (?/0) 2an give discount to material at site as well 9ecause it is in original contract Sub total ;dd (.iscount %.+0 of work done) +. ;dvance recovery =. -etention (limit +0 of contract sum) >. 1revious payment 9alance due to the contractor

-upees one million eight hundred and fourteen thousand and two hundred and twenty eight and ninety four cents is due to the contractor in respect of interim payment certificate Bo.= :::::::::.. 2hief Auantity Surveyor ::::::::: 1rincipal ;rchitect

$ey Issues in Interim and final %aluations Since the Cuantities set out in the 97A ( 2T;.4S9.4/%) 6 condition of contact 6 clause "8.")

; property develop is getting the instruction from their consultants $4s Drasshopper Etd. to release due payment to the contraction $4s 9ull 9uilders Etd. Initial contract sum is -s. %+ million (e&. (;T) 2onstruction period 6 " year ;t the +th month certified value of work done by the Drasshoppers Etd. is -s. "' %+/ ///.// inclusive of variation and e&tra work. The previous payment made to the contract $4s 9ull builders is -s. ? +%8 +//.// $obili<ation paid according to the I2T;. condition of contract (I2T;.4S9.4/%4section I 6 '=." page %?) 2alculate the due sum for the 9ull builders with respect of +th valuation submitted on "st September %/"". 1roposed class room block for I29T campus $t.Eavinia assuming consultant pro3ect As and comment about the due payment as per I2T;.