Progress claims are formal requests made by contractors or subcontractors to a client or project owner, seeking payment for work completed during a specific period. These claims are an essential part of construction and large-scale project management, allowing contractors to receive payments in installments as work progresses rather than waiting until the project’s completion.
Progress claims are commonly used in construction contracts, where payment terms are structured around milestones or stages of work. They help ensure cash flow for the contractor, allowing them to cover ongoing labor and material costs, while also giving the project owner visibility into the progress of work.
Progress claims provide contractors with a structured way to manage cash flow, ensuring they have funds to continue operations without having to wait until project completion for payment.
For clients, progress claims reduce the risk of paying for incomplete or unsatisfactory work. They ensure that payment is tied to measurable milestones or specific achievements.
Regular progress claims give clients visibility into the progress of the work, enabling them to assess whether the project is on track and if any delays or issues need to be addressed.
Properly documented progress claims protect both the contractor and the client by providing a clear record of work completed and payments made, helping to prevent misunderstandings or disputes.
At Ac valuers, we understand the importance of timely and accurate progress claims in keeping your project on track. Whether you’re a contractor needing assistance with submitting claims or a project owner seeking to verify and approve claims, our team is here to help.
