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

From Reuters • Mar. 20, 2020

I also have a progress payment due for a job that is about to go into production: $19,888.80.

From New York Times • May 3, 2010

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