progress payments(redirected from Progressive Payment)
Periodic payments to a supplier, contractor, or subcontractor for work as it is completed as desired, in order to reduce working capital requirements.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
progress paymentsa contractual arrangement common to large construction projects whereby payment for work done is made at predetermined stages along the route to completion.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
Payments to a contractor or developer based on the stage of completion of the project.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.