Progress Payment
/ˈprəʊɡres ˈpeɪmənt/
Definitions
- (n.) A partial payment made during the course of a contract, especially in construction or supply contracts, reflecting work completed or goods delivered up to that point.
The contractor received a progress payment after completing 50% of the building work.
Forms
- progress payment
- progress payments
Related terms
See also
Commentary
Progress payments help maintain cash flow and incentivize timely completion. Clarity in contract drafting about milestones and payment triggers is essential to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.