The monthly payment to a contractor based on the degree of completion of a contract.
A payment made as work progresses under a contract on the basis of percentage of completion accomplished, or for work performed at a particular stage of completion.
One in a series of payments made at stages in the performance of a contract of sale, e.g., up front to obtain materials, after completion of manufacturing, upon shipment, upon installation, and upon final inspection.
The payment of a portion of a total invoice or estimated cost based on the accomplishment of milestones, cost recovery agreement, or other contractual method.
A method for disbursing construction loan funds in which the contractor delivers all bills and lien waivers covering work completed through a certain state to the lender for payment. Also called stage planning.
Partial payment of the contract amount periodically paid by the owner, upon approval by the CM, verifying that portions of the Work have been accomplished.
A payment from the owner to the contractor determined by calculating the difference between the completed work and materials stored and a predetermined schedule of values or unit costs
Payments due from the buyer to the supplier during the contractual period, which may be financed under a buyer or supplier credit. Français: Paiement d'avancement Español: Pagos a cuenta, pagos parciales