Progress Payment

Progress Payment
A progress payment is a payment made to a contractor based on the stage of work completed at a specified date, as certified by an agreed authority. It is commonly used in long-term contracts such as civil engineering, shipbuilding, or large items of plant and machinery.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.