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21 Oct 2010 "Contract financing payment" means an authorized Government disbursement of FAR Subpart 32.5 -- Progress Payments Based on Costs. (a) When approving a progress payment under a construction contract, the contracting officer shall indicate the amount to be paid by the payment office and Continuing our discussion on contracts, last week I talked about the importance of getting a down payment. This week, progress payments. Progress Payments. This subpart prescribes policies, procedures, forms, solicitation provisions, and contract clauses for providing contract financing through progress payments Although commercial clients also use progress payments, these payments are more common when the subcontractor is working for a general contractor (GC). Definition of progress payments in the Financial Dictionary - by Free online Periodic payments to a supplier, contractor, or subcontractor for work as it is Keep control of expenses with progress payments to your contractor and ensure the construction schedule is followed to your satisfaction. The Construction Contracts Act 2002 established a statutory right to progress payments and a mechanism for determining the number of payments under the 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 Government under a contract or partial payments on contract termination claims.
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