Progress Payment
"Who approves a progress payment?"
Quick Answer
Periodic payments made to contractors in construction or long-term service agreements based on the certified completion of specific milestones or work percentages.
Scope and Legal Distinctions
A progress payment relates to an agreed stage or certified quantity of work. It is different from final acceptance and may remain subject to measurement or adjustment.
What to Check in Practice
Keep the contract, work records, certificate, deductions and reservations; define approval deadlines and treatment of disputed work.
Sources & Authorities
Statutory framework and official guidance for this definition.
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