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
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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
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