What is a partial payment? (Review)
General Availability in Select Markets (United States)
Procore Pay is available in the United States. It is designed for General Contractors and Owner-Builders who act as their own General Contractors on a job. Procore Pay extends the Invoice Management functionality in the Procore web application to handle the payment process between general and specialty contractors.
Procore Pay is available in the United States. It is designed for General Contractors and Owner-Builders who act as their own General Contractors on a job. Procore Pay extends the Invoice Management functionality in the Procore web application to handle the payment process between general and specialty contractors.
Answer
A partial payment covers a portion of a payee's costs for completing work, securing resources, or achieving milestones. Partial payments assure payees of consistent cash flow and payors of steady project progress.
ExamplesScenarios where a payor might issue partial payments to payees include:
Material and equipment procurement. To secure long-lead, expensive, or specialized items or materials.
Milestone or phase completion. When milestones or distinct phases of work are completed.
Offsite fabrication. To cover labor and material costs for custom component fabrication.
Substantial progress. Upon inspection of significant progress, such as milestone completion.
Contractual payment schedules. As dictated by agreed-upon payment schedules within the construction contract.
Scenarios where a payor might issue partial payments to payees include:
Material and equipment procurement. To secure long-lead, expensive, or specialized items or materials.
Milestone or phase completion. When milestones or distinct phases of work are completed.
Offsite fabrication. To cover labor and material costs for custom component fabrication.
Substantial progress. Upon inspection of significant progress, such as milestone completion.
Contractual payment schedules. As dictated by agreed-upon payment schedules within the construction contract.