‘An Interim Payment (“IP”) is defined in CPR 25.1(1)(k) as a “payment by a defendant on account of any damages, debt or other sum (except costs) which the court may hold the defendant liable to pay”. In effect, it is a sum of money advanced to a claimant from the total pot of compensation they will get at the end of their Personal Injury (“PI”) claim. They are generally obtained in complex PI/clinical negligence claims involving substantial damages and sometimes an as yet uncertain prognosis.’
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Pump Court Chambers, 15th September 2023
Source: www.pumpcourtchambers.com