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What Is a Progress Payment? In the construction industry, a progress payment is a partial payment made to a business or contractor after the completion of a predefined stage of work ? for example, a demolition or the addition of a roof and siding.

There is no single method of calculating progress payments, but the most common formula is the percentage of completion applied to the total contract price, less retainage which is held by the project owner until final acceptance of the project.

In the construction industry, a progress payment is a partial payment made to a business or contractor after the completion of a predefined stage of work ? for example, a demolition or the addition of a roof and siding.

Monthly Certificate means a certificate or certificates, signed by an officer of the Assuming Institution involved in, or responsible for, the administration and servicing of the Shared-Loss Loans, whose name appears on a list provided to the Receiver (as updated by the Assuming Institution as needed from time to time)

Payment Certificate means a document issued by the principal agent certifying the amount due and payable by the employer to the contractor or vice versa.

(a) Performance-based payments are the preferred Government financing method when the contracting officer finds them practical, and the contractor agrees to their use. (b) Performance-based payments are contract financing payments that are not payment for accepted items.

The Government will make progress payments to the Contractor when requested as work progresses, but not more frequently than monthly, in amounts of $2,500 or more approved by the Contracting Officer, under the following conditions: (a) Computation of amounts.