progress payment


Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.

progress payment

A partial payment made during progress of the work, 1 on account of work completed and/or materials suitably stored.
References in periodicals archive ?
Lien waivers given with progress payments released lien rights with respect to work through stated dates).
21) But even before a contractor defaults, a surety can claim that default is imminent and demand that the government send the progress payment to the surety, rather than the contractor.
5, using the customary progress payment rate, the cost base and frequency of payment established in the Progress Payments clause, and either the ordinary liquidation method or the alternate method.
However, the PC manufacturer incurs substantial costs prior to this first progress payment, largely exceeding the advance payment amount: The engineering costs related to designing the development's concept design, securing its approval as well as drafting the shop drawings; the cost of material procurement necessary for the manufacturing process; The plant operating costs; the site delivery costs to shift the PC elements from the manufacturing plants to the construction site; and the site assembly costs.
The amount of any such progress payments shall bear a reasonable relationship to the amount of work to be performed, materials to be purchased, or expenses for which the contractor would be obligated at the time of payment.
Unusual progress payments or other billing concerns
Construction contracts generally embody a unique and complicated system of payment for work completed, consisting of progress payments coupled with retainage.
We ask for 20% to 25% down, then collect progress payments at the beginning of each stage of the job.
Unlike progress payment requests or other government invoices, there is no standard form on which to submit requests for PBP payments.
Contractors are usually requested to sign waivers of lien at the time of each progress payment.
In addition to general disbursement controls, GAO found internal controls specific to construction contracts in which both the project representative and the contracting officer must approve each monthly progress payment invoice.

Full browser ?