progress payments

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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

a contractual arrangement common to large construction projects whereby payment for work done is made at predetermined stages along the route to completion.

progress payments

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

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In addition to late progress payments, there are two other instances in which government agencies are required to pay interest under construction contracts.
Relying on the terms of the contract, the court found that the risk of failed research rested solely on Fairchild and unmistakably held that the receipt of progress payments neither shifted that risk nor constituted funding.
Hinson met with PMI representative during his audit and learned that PMI had not paid Taber after PMI received the first progress payment from the government.
The settlement compensates the government for interest on the amount of progress payments received prematurely.
The Company did not earn any research progress payments in 2005.
In addition, panel participants will debate how contractors can avoid "significant deficiencies" which can cause the government to withhold up to 10% of contract progress payments.
As a matter of practice, on all fixed price type contracts, I expect that the basis of negotiations shall be the use of customary progress payments.
The benefit to the contractor is that these performance-based payments can reach up to 90 percent of the program costs, compared to 80 percent for progress payments.
Earned value has been used for decades by project owners to ensure that progress payments have been earned--thus the name earned value analysis.
Besides the one-time equity investment, Amgen will pay an undisclosed fee for access to Infinity's technology and make progress payments should any Infinity compounds reach clinical trials or other milestones on the road toward market approval, and royalties if a drug succeeds.
They are shrinking lead times, insisting on price reductions and stretching out payment terms (payment at PPAP or beyond is now typical; progress payments are a rarity).

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