Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 1-1 of 1 result for “Progress Payments”
  • Progress Payments

    A timed sequence of payments made during the performance of a contract; periodic payments made over the life of a contract; allow the contractor to submit invoices for payment as progress is made in performing the contract. Progress payments shift risk to the public agency since payment for progress made does not guarantee that the work will be completed.
Advertisement
Advertisement
Advertisement