The basis of interim payment for work satisfactorily completed is ?

The basis of interim payment for work satisfactorily completed is typically outlined in the contract or agreement between the parties involved. This may include specific milestones or deliverables that need to be met in order to receive payment, as well as the timing and amount of each payment. In general, interim payments are made as work progresses to ensure that the contractor or service provider is compensated for the work they have completed up to that point.