Glossary / Getting paid
Progress payment
Also called: Draw, Progress draw, Milestone payment, Stage payment
A payment due partway through a job, tied to a stage of the work rather than to a date. Progress payments keep the money roughly level with the cost of the work, which is what stops a long job from being financed out of your own pocket. Tie each one to something visible and agreed — rough-in passed, cabinets hung — rather than to a percentage nobody can verify.
In FieldQuo — Invoices
An invoice in FieldQuo is built from the quote it came from, so a staged invoice still reads like the document the client agreed to.
Related terms
- DepositMoney taken before work starts, usually to cover materials and to prove the customer is serious.
- Cash flowThe timing of money coming in and going out, which is a separate question from whether the work is profitable.
- Substantial completionThe point at which the work is finished enough for the customer to use the property for what it is meant for, even though small items remain.
- RetainageA slice of each payment the customer keeps back until the work is finished and any claim period has passed, then releases.
Every document in your name, not ours
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