Question

Progress payments in contracts
are based as a percentage of​

Answer 1

Question:-

Progress payments in contracts

are based as a percentage of

AnsWeR:-

Progress payments provide benefits to everyone up and down the payment chain. They allow owners and/or prime contractors to review the subcontractors' work before it's complete, and resolve disputes before the project is over.

Answer 2

Answer:

Progress payments in contracts are based on a percentage of​ cost incurred by the contractor.

Explanation:

• Progress payments are determined by incurred costs.
• As the work under the contract is completed, payments are provided based on the costs incurred by the contractor.

When a request is submitted to the Contracting Officer and accepted, the contractor is normally paid between 7 and 30 days afterward:

• Payments are determined by the degree or level of completion attained;
• Government accepts payments for incomplete delivery;
• Payments in part for a proposed contract termination; or
• Payments depend on performance.

As was already mentioned, normal progress payments are calculated as a proportion of the contractor's costs. Although payments made under a cost-reimbursement contract are comparable to this procedure.

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