What is Interim Certificate in Construction?

Question

Q.

What is Interim Certificate in Construction?

Piyush

244 Views

1

2 Year

Comment

Investment Glossary

Send

Share

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery

Intercity Shifting-Upto 25% Off

Check Prices

Intracity Shifting-Upto 25% Off

Check Prices

City Tempo-Upto 50% Off

Book Now

Debjani · Answer 1 · 2022-12-25T19:34:24+00:00

Debjani

0 December 25, 2022

⤺ Reply

A construction needs dedication from the builder and assurance from the owner about payments. If you are into real estate, you must know

what is interim certificate in construction since I believe it's an integral part. It is like a temporary certificate meant just to note down progress and records of payments. I have learnt about the interim certificate meaning in construction recently so will like to share more details about it here.

Get your property documents verified and checked by NoBroker’s legal experts

What is meant by an interim certificate?

An interim certificate is a certificate that is widely used in construction fields and is also termed as a progress certificate. The main purpose of this certificate is to

State what is the current status of the project that is mentioned in this certificate
State what amount of money has been paid by the owner as per the agreement with the contractor

These are the main two purposes of an

interim payment certificate in construction.

Example:

Suppose you are building a 2 BHK house having 8 pillars, 1 staircase, 1 balcony, 2 bedrooms, 2 bathrooms, 1 kitchen, 1 dining hall and more. As per the contract, you and the contractor have decided to do interim payments for the same. After the contractor has constructed the pillars and roof, you pay him Rs 10 lakhs, after the construction of the wall you will pay him Rs 7 lakhs and so on. Now the interim certificate will record these payments and also whether you are abiding by its terms and making interim payments or not. This record is very helPFul. Both the contractor and owner get to know how much is paid and how much is left to be paid yet.