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Standard Form 1443 - Contractor's Request for Progress Payment.
A progress payment is a partial payment approach identified in a contract related to steps or phases toward the completion of the contract for goods and/or services. Use of this payment approach can require withhold of a percentage of payment pending completion of the entire contract and a bond.
Milestone Payments in a contract means, very specific deliverables are outlined in the agreement whereby when the milestone has been reached, the customer will pay an agreed amount. Progress Payments, on the other hand, only allow for regular percentage payments of the entire contract.
What Is a Progress Payment? In the construction industry, a progress payment is a partial payment made to a business or contractor after the completion of a predefined stage of work \u2014 for example, a demolition or the addition of a roof and siding.
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