Progress payment
A contractual practice of paying contractors in installments—either at different stages in the construction process for completion of the work or for the amount of work completed up to the point that a contractor submits an invoice.
Progress payments are periodic payments made to contractors based on the completion of specific phases or milestones. They help maintain cash flow and incentivize ongoing work, ensuring that the project moves forward smoothly and that contractors are compensated for work completed.
Used in a sentence
The contractor submitted a progress payment request for the completed work this month.
Synonyms/variation
Interim Payment
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