Interim Payments and Contract Payment Administration ...

The Commercial toolkit Interim Payments and Contract Payment Administration full guidance Last Updated 01/08/11 1 of 29 Source: Commercial toolkit Available via or Payment - Interim Payments and Contract Payment Administration Constraints 1. All Ministry of Defence (MOD) contracts must comply with the Late Payment of Commercial Debts (Interest) Act 1998 that was introduced to help promote a culture of prompt Payment by providing the ability for contractors to claim statutory interest on late bills. Authoritative guidance Summary 2. The preferred practice is to make Payment only after goods or services have been delivered and accepted or work otherwise completed in accordance with the Contract . 3. A Payment made before goods or services have been delivered or where work in accordance with the Contract is in progress, is deemed an Interim Payment .

The Commercial Toolkit Interim Payments and Contract Payment Administration – Full Guidance – Last Updated 01/08/11 1 of 29 Source: Commercial Toolkit

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