Interim Payments on Account of Budgeted Costs – Case Update

Cleveland Bridge UK Ltd v Sarens (UK) Ltd [2018] EWHC

In this case the Court allowed a 90% interim payment upon the budgeted costs but made a final decision of 70% for an interim payment overall when taking into account the incurred costs element of the matter. The Judge went on to say that, “Accordingly in my Judgment, a reasonable sum in respect of incurred costs will often be one that is an estimate of the likely level of recovery, subject to an appropriate margin to allow for error”.

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