Accounting
Progress billing
Also called: Progress invoicing
Definition
Progress billing is invoicing a long project in stages, with each invoice — often called a pay application — covering only the work completed since the last one.
Progress billing is standard on construction contracts and other jobs that run for months. The contract sets a schedule of values or defined milestones, and each cycle the contractor submits a pay application for the work completed in that period — typically reviewed and approved before payment, and often reduced by retainage withheld until final acceptance.
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