progress payment

Meaning

1. 1nouncountable

   One of several instalments of money paid to a contractor as stages of a job are finished, rather than all at once at the end.

   Grammar: Has a plural: progress payments. Often used with for or on a project.

   Patterns

   • a progress payment for something
   • a progress payment on something

   The builder requested a progress payment once the roof was finished.

   Each progress payment is released after the inspector signs off on the work.

   We agreed to four progress payments over the course of the renovation.

Word forms

Common combinations

make a progress payment

The client must make a progress payment within thirty days of the invoice.

request a progress payment

The subcontractor requested a progress payment after completing the foundations.

monthly progress payment

A monthly progress payment keeps the cash flow steady for the crew.

final progress payment

The final progress payment was held back until the snag list was cleared.

Synonyms and how they differ

instalment

An instalment is any one part of a payment in a series, while a progress payment is specifically tied to completed stages of work.

stage payment

Stage payment is nearly identical but sounds more British and is used for building projects in particular.

deposit

A deposit is usually paid at the start to secure an agreement, whereas a progress payment comes later as work advances.

Opposites

Word family

progress noun

forward movement toward completion

payment noun

money given in exchange for goods or work

pay verb

to give money for something

Commonly confused: progress payment or down payment?

Practice

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