What is Progress Payment due
The payment is required to be paid for the work completed and certified to date. The amount of already retention and payment already paid will be deducted from the certified amount.
Example of Progress Payment
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Example of Progress Payment
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Certified Work
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200,000
|
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Retention 10%
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20,000
|
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Already paid
|
80,000
|
|
Solution
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|
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Certified Work
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200,000
|
|
Less
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|
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Retention 10%
|
20,000
|
|
Already paid
|
80,000
|
|
100,000
|
|
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Progress Payment Due
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100,000
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