progress payments

progress payments
Progress payments are payments made by the purchaser in stages as the seller acquires or builds the property to be sold. A written purchase agreement or contract establishes the seller's rights to claim payments before the property is delivered to the buyer. When the Federal government is making progress payments, the purchase contracts usually include standard clauses that affect secured lenders. These clauses provide that title to all materials, inventory, fixtures, and equipment that are chargeable to the government contract vests in the government. American Banker Glossary
Periodic payments to a supplier, contractor, or subcontractor for work as it is completed as desired, in order to reduce working capital requirements. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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  • progress payments — Payments made to a contractor during the performance of the work, usually calculated in amount according to the percentage of work accomplished. Anno: 22 ALR2d 1344; 17 Am J2d Contr § 348 …   Ballentine's law dictionary

  • progress payment — noun : a partial payment made under a construction contract as the project goes forward * * * progress payment UK US noun [countable] [singular progress payment plural progress payments] business …   Useful english dictionary

  • progress payment — UK / US noun [countable] Word forms progress payment : singular progress payment plural progress payments business a payment of part of the money agreed for a job when one part of the job is completed …   English dictionary

  • progress payment — ➔ payment * * * progress payment UK US noun [C] (also milestone payment) HR, MANAGEMENT, WORKPLACE ► one of the payments made at different stages of a piece of work, usually when a particular stage has been completed: »If a progress payment is… …   Financial and business terms

  • progress payment — Payment made as work progresses under a contract, upon the basis of costs incurred, of percentage of completion accomplished, or of a particular stage of completion. The term does not include payments for partial deliveries accepted by the… …   Military dictionary

  • progress certificate — A certificate issued by an architect or engineer during the course of construction of a building or other improvement, prepared for the information of the owner concerning performance by the contractor, particularly in reference to payments to be …   Ballentine's law dictionary

  • percentage payments — See progress payments …   Ballentine's law dictionary

  • Faster Payments Service — (FPS) is a banking initiative in the United Kingdom to reduce the time taken for low value payments made person to person and business to business which normally take three working days using BACS to near real time, essentially as if the two… …   Wikipedia

  • Tuition payments — Tuition redirects here. For Tutoring, see Tutor. For tuition fees in the United Kingdom, see Tuition fees in the United Kingdom. For college tuition in United States, see College tuition in United States. Tuition payments, known primarily as… …   Wikipedia

  • payment — The amount required to repay a loan, including interest and fees. Bloomberg Financial Dictionary * * * payment pay‧ment [ˈpeɪmənt] noun 1. [countable, uncountable] FINANCE an amount of money that must be or has been paid, or the act of paying it …   Financial and business terms

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