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progress payments
(redirected from progress payment)

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia 0.01 sec.
Progress payments
Periodic payments to a supplier, contractor, or subcontractor for work as it is completed as desired, in order to reduce working capital requirements.

Progress Payments
The act or practice of paying a contractor in installments as different stages of work are completed, rather than providing a single lump sum at the completion of the project. Progress payments reduce the client's working capital needs for the project.

progress payments

Payments to a contractor or developer based on the stage of completion of the project.



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Depending on how the production team organized its work, SSI might qualify for a progress payment in September, October or November.
The STA focuses its activities on problems affecting subcontractors in public and private construction, including progress payments, bid-shopping, improper back charges, legislation, prevailing wage enforcement, lien laws, insurance and bonding, among other issues.
Also progressing is work on new jackups for Scorpion Offshore with the Offshore Freedom just completed and the Offshore Mischief set for delivery later this year Scorpion has completed full funding needs for the first rig and has arranged financing for a progress payment on the second unit.
 
 
 
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