On 12 April 2025, 08:00 BST, we will be disabling logins for specific member-facing platforms to improve internal processes. We expect this to finish 12 April 2025 at 17:00 BST.
This document was reissued in April 2025 as practice information. It had previously been published in August 2015 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. For more information on the document category changes, see Upholding Professional Standards.
Most construction contracts require interim payments to be paid to the contractor. This is to relieve the contractor of the burden of financing the whole of the works until completion, which can take many months or years.
This practice information is effective from 12 November 2015.
This document covers:
- conditions of contract
- payment mechanisms
- retention
- valuation process and
- standard forms and covering letters.
Published date: 01 August 2015