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Interim Payment Agreement

Interim Payment Agreement Template for New Zealand

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Key Requirements PROMPT example:

Interim Payment Agreement

"I need an Interim Payment Agreement for a software development project with monthly payments starting March 2025, including security provisions and retention amounts of 10% until final delivery."

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Document background
The Interim Payment Agreement is essential for projects or services where work is completed and paid for in stages rather than as a single payment. This document is commonly used in New Zealand across various sectors, particularly in construction, consulting, and large-scale service delivery projects. It provides a structured framework for managing progressive payments while ensuring compliance with New Zealand legislation, including the Contract and Commercial Law Act 2017 and the Construction Contracts Act 2002. The agreement typically includes detailed payment schedules, claim procedures, certification requirements, and dispute resolution mechanisms. It's particularly valuable for long-term projects or service arrangements where regular payments are required before the final completion of work.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement

2. Background: Explains the context and purpose of the interim payment arrangement

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles

4. Payment Terms: Details the interim payment amounts, frequency, and conditions for payment

5. Payment Claims and Schedules: Outlines the process for submitting and responding to payment claims

6. Payment Procedures: Specifies payment methods, timing, and processing requirements

7. GST and Tax: Addresses GST requirements and tax implications of payments

8. Default and Remedies: Specifies what constitutes default and available remedies

9. Dispute Resolution: Details the process for resolving payment-related disputes

10. General Provisions: Standard contract clauses including notices, amendments, and governing law

Optional Sections

1. Security Arrangements: Include when payments need to be secured by bonds, guarantees, or other security measures

2. Interest on Late Payments: Include when specific interest terms for late payments are required

3. Set-off Rights: Include when parties need right to set off payments against other obligations

4. Performance Criteria: Include when interim payments are linked to specific performance or milestone achievements

5. Retention Provisions: Include for construction contracts where retention money is held

6. Early Payment Provisions: Include when early payment discounts or incentives are offered

7. Third Party Rights: Include when payments may involve or affect third party rights

8. Force Majeure: Include when specific events might affect payment obligations

Suggested Schedules

1. Payment Schedule: Details the scheduled dates and amounts for interim payments

2. Payment Claim Form: Template for submitting payment claims

3. Payment Schedule Response Form: Template for responding to payment claims

4. Calculation Method: Detailed methodology for calculating interim payment amounts

5. Security Documents: Forms of security or guarantee documents if required

6. Project Milestones: List of project milestones linked to payment schedule if applicable

7. Contact Details: Key contact information for payment-related communications

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































Clauses



































Relevant Industries

Construction

Property Development

Engineering

Consulting Services

Professional Services

Information Technology

Project Management

Infrastructure

Manufacturing

Architecture

Relevant Teams

Legal

Finance

Commercial

Procurement

Operations

Project Management

Contract Administration

Accounts Payable

Risk Management

Treasury

Relevant Roles

Contract Manager

Project Manager

Financial Controller

Commercial Manager

Construction Manager

Quantity Surveyor

Chief Financial Officer

Procurement Manager

Legal Counsel

Account Manager

Operations Manager

Finance Director

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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