Financial Terms Flashcards
(4 cards)
1
Q
Progress Payment
A
Partial payments made to contractors as work progresses
2
Q
Retainage
A
A portion of the agreed-upon contract price withheld until the work is substantially complete
3
Q
Schedule of Values
A
A detailed breakdown of the contract sum showing the value of different parts of the work
4
Q
Unit Price
A
The price per unit of measurement for materials or services
