Progress Payment

The amount that contractors become entitled to receive from the contracting authority, under the previously agreed specifications and contractual provisions, in consideration for the goods supplied, the services performed and the works carried out. The definition falls into two by type of contract. In unit price contracts, it is the amount paid to the contractor after deducting, from the amount found by multiplying the unit prices in the schedule annexed to the contract or subsequently established by the quantities of work items, the deductions made under the contract and the legislation.