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Progress payment

Partial payments on a contractor’s contract amount, periodically paid by the owner for work accomplished by the contractor to date, determined by calculating the difference between the completed work and materials stored and a predetermined schedule of values or unit costs.

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Related terms

progress payment
Business services; Project management

Partial payments on a contractor’s contract amount, periodically paid by the owner for work accomplished by the contractor to date, determined by calculating the difference ...

progressive payments
Law; Contracts

Part payments made to a contractor at different stages as the work (or delivery) progresses, instead of making one full payment on the completion. Also called progress payments.

progress payments
Law; Contracts

This is an alternative term for progressive payments.

Progress payments
Financial services; General Finance

Periodic payments to a supplier, contractor, or subcontractor for work as it is completed as desired, in order to reduce working capital requirements.

progress payment
Software; Supply chain

The payment of a portion of a total invoice or estimated cost based on the accomplishment of milestones, cost recovery agreement, or other contractual method.

progress payments
Banking; Personal banking

Progress payments are payments made by the purchaser in stages as the seller acquires or builds the property to be sold. A written purchase agreement or contract establishes the ...

simulation
Business services; Project management

A simulation uses a project model that translates the uncertainties specified at a detailed level into their potential impact on objectives that are expressed at the level of the ...

project life cycle
Business services; Project management

A collection of generally sequential project phases whose names and numbers are determined by the control needs of the organization or organizations involved in the project. A ...

direct costs
Business services; Project management

The costs directly attributed to a work-scope, such as labor, material, equipment, and subcontracts, but not the cost of operations overhead and the labor, material, equipment, ...

skill
Business services; Project management

Ability to use knowledge, a developed aptitude, and/or a capability to effectively and readily execute or perform an activity.

project management (PM)
Business services; Project management

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

direct labor costs
Business services; Project management

Costs accruing from expended labor excluding the bonus portion of overtime, insurances, and payroll taxes.

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