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progress payment

   Also found in: Medical, Legal, Financial, Encyclopedia, Wikipedia 0.02 sec.
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.


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Depending on how the production team organized its work, SSI might qualify for a progress payment in September, October or November.
The STA focuses its activities on problems affecting subcontractors in public and private construction, including progress payments, bid-shopping, improper back charges, legislation, prevailing wage enforcement, lien laws, insurance and bonding, among other issues.
Also progressing is work on new jackups for Scorpion Offshore with the Offshore Freedom just completed and the Offshore Mischief set for delivery later this year Scorpion has completed full funding needs for the first rig and has arranged financing for a progress payment on the second unit.
 
 
 
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