What is a progress claim?

A progress claim is a contractor's periodic claim for payment for the work completed in the period, usually monthly.

The claim is assessed against measured progress and the contract's schedule of rates or values. The assessed amount, less any retention, becomes the payment.

Related terms

Retention

A percentage of each progress payment held back as security until the work is complete and defects are fixed.

Variation

A formal change to a contract's scope, price or time.

Earned value

The budgeted value of the work actually completed by a given date.

Formula and example

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