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Forensic Claims Analysis

what is interim award?

In the Open Standard
Q ZhouMember for 21 years 2 months
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Can anybody help me understand this clause in my contract?

2.3 INTERIM AWARD
"the lump sum referred to in clause *** above shall be deemed to include the following items of work further referred to in clause 7.1.3 of this section, the lump sum price of which is included in PartII of Appendix A.

question:
(1)what is an iterm award?
(2)is it an normal practice?
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  1. 0
    Q Zhou ·
    #1
    Thank you so much, Bill.
    Before signing the contract, we got a letter of award from the Client.
    The clause I mentioned is in the formal contract we signed 45 days after the LOA.
    Do you think it is still necessary to include this clause in the formal contract?
    Appreciated.
    Q-Zhou
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  2. 0
    Stuart Ness ·
    #2
    I always thought that an Interim Award was related to the issue of an arbitration award!

    I live and learn!!

    Cheers,

    Stuart

    www.rosmartin.com
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