5.: Payment

This chapter describes the process for interim assessments and the final assessment. It explains the meaning of Defined Cost, Disallowed Cost and the Price for Work Done to Date. It clarifies entitlement to payment for materials on site, the cost of people who work from home, interest, partially completed activities in the Activity Schedule (Option A) and remeasurement of the quantities in the Bill of Quantities (Option B). It deals with provisional sums, the consequences of late payment and how incorrect assessments are remedied. It also explains how the Contractor's share is calculated (Options C and D) and the process for finalising Defined Cost (Options C–F).