Progress in construction, commonly referred to as “progress payments,” is an accounting term used to denote the amount of money that has been spent on a given construction project. It represents the difference between the total cost of the project when it was first estimated, and the actual cost that has been incurred up to the present. In order to ensure contractor activity and to move projects forward, progress payments are carefully tracked throughout each phase of the construction process. This practice is essential for controlling costs and minimizing delays.