What does progress billing mean in construction?
Short definition
Progress billing is billing for work completed during a defined period rather than waiting until the end of the project.
Longer explanation
It is commonly supported by pay applications, schedule of values, retainage, stored material backup, and payment certificates.
Example in context
“The project team reviewed the progress billing during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers