progress payment
Milestone-based disbursement
A progress payment is a partial payment made as work advances on a project, rather than waiting until completion.
Common in construction, government contracts, and large manufacturing, progress payments reduce risk for contractors by providing cash flow during lengthy projects: The builder received progress payments at each construction milestone.
They're typically tied to verified completion of specified stages.
- installmentPeriodic partial payment
- milestoneNotable event marking progress
- invoiceItemized billing statement
- contractorHired construction professional
- general contractorConstruction project manager
construction · partial · billing · advance · deposit · disbursement · escrow · retention · certified · signed off · requisition · draw · funding · completion · schedule · cash flow management · release · approval
progress paymentlump sum payment
Full amount given once
lump sum · single payment · one-time payment · balloon payment · full payment
progress, payment, pay, paid, paying, payable, payer, payee, prepay