Meaning of “progress payment” in the English Dictionary


"progress payment" in Business English

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progress paymentnoun [ C ]

uk us also milestone payment HR, MANAGEMENT, WORKPLACE

one of the payments made at different stages of a piece of work, usually when a particular stage has been completed:

If a progress payment is not made within the agreed time, the builder can leave the job unfinished.

(Definition of “progress payment” from the Cambridge Business English Dictionary © Cambridge University Press)