The Statutory Provisions Relating to Payment

Abstract

At the heart of these provisions is the attempt to ensure that every construction contract contains a transparent and straightforward mechanism for the payment to the contractor of interim payments on account (sometimes called instalments or progress payments). In addition it recognizes that, although there will inevitably be a period between the date on which a payment becomes due, and the final date on which that sum must be paid, it imposes an obligation on the payer to notify the payee well in advance of the final date for payment how much is going to be paid and how that sum has been calculated.