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progress payment |
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progress payment
n (Business / Commerce) an instalment of a larger payment made to a contractor for work carried out up to a specified stage of the job Payment made as work progresses under a contract, upon the basis of costs incurred, of percentage of completion accomplished, or of a particular stage of completion. The term does not include payments for partial deliveries accepted by the Government under a contract or partial payments on contract termination claims. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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