Project Progress Billing Procedure
The purpose of the Project Progress Billing Procedure is to obtain payment for the portion of labor and materials used up to a certain point in time and before the project is fully completed. This improves the cash flow typical of long term projects or assignments.
Progress billings will be made to clients on a timely basis throughout the life of the project. These billings will be accurate and easily understood by both parties involved. The Progress Billing Procedure applies to all service agreements or projects provided by the company. (3 pages, 963 words)
Project Progress Billing Definitions:
Statutory Declarations – A statutory declaration is a sworn statement. For official purposes, it is signed by a person who is legally authorized to administer an oath (i.e. a lawyer, judge, or notary public).
Holdback Requirement – A condition in an agreement where money is withheld or “heldback” until a specific event or milestone occurs.
Project Progress Billing Procedure Activities
- Contract Types
- Breakdown of Contract Amount
- Progress Claims
- Release of Holdback
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