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    Contract Definitions and Meaning

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    Can someone explain to me in details the following terms used in Contracting?

    1) Progress Payments

    2) Performance-Based Payments

    3) Liquidated Progress Payments

    4) Unliquidated Progress Payments

    5) Ordinary Liquidation Rate

    6) Alternate Liquidation Rate

    Thanks In Advance

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    https://brainmass.com/business/business-law/contract-definitions-and-meaning-142498

    Solution Preview

    1) Progress Payments
    Periodic payments to a supplier, contractor or subcontractor for work satisfactorily performed to date.

    2) Performance-Based Payments
    A payment system that is based on performance links the amount of funding with the results that the provider achieves.

    3) Liquidated Progress Payments
    Progress ...

    $2.19

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