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CONTRACTOR S REQUEST FOR PROGRESS PAYMENT Form approved OMB No. 3090-0105 IMPORTANT This form is to be completed in accordance with Instructions on reverse. For large business contracts costs to be shown in Item 9 shall include only those recorded costs which have resulted at time of request in payment made by cash check or other form of actual payment for items or services purchased directly for the contract. This includes items delivered accept.

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Progress payments can be based on costs incurred by the contractor or the amount of work accomplished. On the other hand, advance payments are funds provided to the contractor before work begins.

The amount held back, frequently between 5% and 10%, should be specified in the construction contract. Retainage is typically deducted from each progress payment. For example, if a project calls for 10 payments of $50,000 and a 10% retainage is negotiated, then the owner pays $45,000 each time.

There is no single method of calculating progress payments, but the most common formula is the percentage of completion applied to the total contract price, less retainage which is held by the project owner until final acceptance of the project.

A progress payment is a partial payment approach identified in a contract related to steps or phases toward the completion of the contract for goods and/or services. Use of this payment approach can require withhold of a percentage of payment pending completion of the entire contract and a bond.

A progress billing is an invoice that is intended to obtain payment from a customer for that portion of a project that has been completed to date. These billings are commonly issued when a project has a long duration, so that the contractor can obtain sufficient funding to support its operations in the interim.

A Progress Payment is a payment that is made to the borrowers' (you/your) builder at each stage of the construction process, or a payment made to a contractor or supplier when an invoice is to be paid during a renovation.

Progress billing is calculated on a to-date basis by multiplying the project's percentage complete by the total project price. As it meets milestones, the contractor submits an invoice for completed work. As long as the customer is satisfied with the quality of the product, it makes the payment.

Progress billing is calculated on a to-date basis by multiplying the project's percentage complete by the total project price. As it meets milestones, the contractor submits an invoice for completed work. As long as the customer is satisfied with the quality of the product, it makes the payment.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232