A payment made by the owner to the contractor each billing cycle for work completed so far.
A progress payment is an installment payment made by an owner to a contractor during construction in exchange for a payment application representing work completed to date. Construction contracts specify the billing cycle, payment period (commonly 30 days from billing), and retention amount withheld from each payment. Timely progress payments are essential for contractor cash flow and subcontractor solvency.
Get AI-powered bid alerts, automated form filling, and proposal drafting.
Start Free Trial