This document is used when parties need to establish a formal arrangement for interim or progress payments in Australia, particularly common in construction, development, and long-term service contracts. The Interim Payment Agreement outlines the process for making and responding to payment claims, sets payment schedules, and ensures compliance with state-specific security of payment legislation. It is particularly relevant for projects where work is completed in stages or over extended periods, requiring regular periodic payments before final completion. The agreement helps manage cash flow, reduces payment disputes, and provides clarity on payment processes while ensuring compliance with Australian regulatory requirements, including security of payment acts, GST legislation, and contract law.
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1. Parties: Identifies and provides full details of all parties to the agreement
2. Background: Sets out the context and purpose of the interim payment arrangement
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation principles
4. Payment Terms: Details the agreed interim payment amount(s), frequency, and payment dates
5. Payment Claim Process: Outlines the process for submitting and processing payment claims
6. Payment Schedule: Specifies timing and requirements for payment schedules in response to claims
7. Method of Payment: Specifies acceptable payment methods and banking details
8. GST and Taxation: Addresses GST treatment and other relevant tax considerations
9. Duration: Specifies the term of the interim payment arrangement
10. Termination: Sets out circumstances and process for terminating the agreement
11. General Provisions: Standard boilerplate clauses including notices, governing law, and entire agreement
1. Security: Include when security for payments is required, such as bank guarantees or other forms of security
2. Set-off Rights: Include when parties wish to explicitly address rights of set-off
3. Interest on Late Payments: Include when specific interest rates for late payments need to be defined
4. Dispute Resolution: Include when specific dispute resolution procedures beyond statutory requirements are needed
5. Representatives: Include when specific individuals are authorized to act on behalf of parties
6. Confidentiality: Include when payment details or other information needs to be kept confidential
7. Force Majeure: Include when parties want to address impact of unforeseen events on payment obligations
1. Payment Calculation Schedule: Details the breakdown and calculation method for interim payments
2. Payment Claim Form: Template form for submitting payment claims
3. Payment Schedule Form: Template form for responding to payment claims
4. Project Details: Details of the project or work to which payments relate
5. Supporting Documentation Requirements: List of required documentation to support payment claims
6. Authorized Representatives: List of authorized representatives and their contact details
7. Bank Account Details: Banking information for processing payments
Relevant legal definitions
Act
Agreement
Authorised Representative
Business Day
Claim Date
Completion Date
Contract Price
Date of Agreement
Due Date for Payment
Excluded Amount
GST
Independent Certifier
Interim Payment
Payment Claim
Payment Schedule
Payment Period
Principal
Project
Reference Date
Retention Amount
Schedule of Rates
Security
Services
Supporting Documentation
Tax Invoice
Variation
Works
Agreement
Authorised Representative
Business Day
Claim Date
Completion Date
Contract Price
Date of Agreement
Due Date for Payment
Excluded Amount
GST
Independent Certifier
Interim Payment
Payment Claim
Payment Schedule
Payment Period
Principal
Project
Reference Date
Retention Amount
Schedule of Rates
Security
Services
Supporting Documentation
Tax Invoice
Variation
Works
Clauses
Interpretation
Payment Terms
Payment Claims
Payment Schedules
Method of Payment
GST
Security
Set-off
Retention
Certification
Documentation Requirements
Time for Payment
Interest
Dispute Resolution
Default and Termination
Force Majeure
Confidentiality
Notices
Assignment
Variation
Governing Law
Severability
Entire Agreement
Waiver
Costs
Payment Terms
Payment Claims
Payment Schedules
Method of Payment
GST
Security
Set-off
Retention
Certification
Documentation Requirements
Time for Payment
Interest
Dispute Resolution
Default and Termination
Force Majeure
Confidentiality
Notices
Assignment
Variation
Governing Law
Severability
Entire Agreement
Waiver
Costs
Relevant Industries
Construction
Infrastructure
Property Development
Mining
Engineering
Manufacturing
Professional Services
Technology Services
Consulting
Relevant Teams
Legal
Finance
Commercial
Operations
Project Management
Procurement
Accounts Payable
Contracts Administration
Risk Management
Treasury
Relevant Roles
Contract Manager
Project Manager
Commercial Manager
Financial Controller
Construction Manager
Quantity Surveyor
Chief Financial Officer
Procurement Manager
Legal Counsel
Account Manager
Operations Manager
Finance Director
Project Director
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