Payment Modes in Contract of Work Tendering: Progress Payments Contracts

Description

This Skill Bit focuses on contracts where payments are distributed at specific project milestones. These contracts ensure contractors receive steady cash flow throughout the project, helping maintain financial stability while incentivizing timely progress. By aligning payments with key deliverables, this payment mode reduces financial risk and encourages adherence to the project schedule, making it ideal for large or long-term projects.

Duration approx. 4 Min.

Tier: proficiency