progress payments

progress payments definition - business

progress payments

Funds distributed to a contractor, subcontractor, or supplier as a project moves through stages toward completion. Progress payments are a pay-as you-go system in which workers and suppliers are paid intermittently throughout the course of the project.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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