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progress payment

British

noun

an instalment of a larger payment made to a contractor for work carried out up to a specified stage of the job

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

The Defense Contracting Management Agency modified 1,500 contracts to help cash-strapped companies file invoices at a higher progress payment rate.

From Washington Times

“We expect payments at the higher progress payment rate to start this week.”

From Reuters

The customary progress payment rates for Department of Defense contracts, are 80 percent for large defense contractors and 90 percent for small businesses.

From Reuters

Progress payment rates were set in 2001 and haven’t changed, even though interest rates have been close to zero since 2008.

From Washington Post

You can make receiving those part of the progress payment schedule.

From US News

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023