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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16) The Federal Acquisition Regulations (FAR) require a government contracting officer to make prompt progress payments after receiving a contractor's invoice for work completed.
To address this problem, the government often uses a financing arrangement on fixed-price contracts called progress payments.
Developers intending to use off-the-plan sales to finance projects will be keen to include progress payments by buyers under their purchase agreements as permitted by the Off-the-Plan Regulations.
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.
This will enable Mutiny to fully inform investors of the progress of its ongoing exploration program and to provide the board with the time to consider all funding alternatives prior to making the A$4m progress payment.
Stolt Tankers made a total of USD296m in progress payments to SLS towards the eight ships.
If the amounts are sizeable and/or the creditworthiness and character of the other party are unproven or questionable, consider requiring a deposit/ down payment and/or require progress payments as you incur cost and/or fulfill your end of the bargain.
Unusual progress payments or other billing concerns
The company will recover around USD19m of progress payments, and the acquirer will assume the remaining payment obligations of around USD22m of the company related to the equipment.
Construction contracts generally embody a unique and complicated system of payment for work completed, consisting of progress payments coupled with retainage.
4 million in government contracts and then authorizing more than US$1 million in progress payments, despite little or no work having been performed.
We ask for 20% to 25% down, then collect progress payments at the beginning of each stage of the job.

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