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CONTINUATION Precontract Administration Data Progress Payments Based Upon Stages Of Completion(a) Definition: Progress Payments Based Upon Stages of Completion means a finance payment based upon approved
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Progress payments are based upon the completion of certain milestones or stages of a project.
Contractors and subcontractors are typically required to file progress payments based upon the terms of their contract.
Progress payments can be filled out by providing documentation and proof of completed work to the entity disbursing the payments.
The purpose of progress payments is to ensure that work is being completed satisfactorily and to provide funding to continue the project.
Information such as the percentage of completion, materials used, labor hours worked, and any additional costs incurred must be reported on progress payments.
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