Progress payments in construction refer to partial amounts of money paid during the course of a construction project. They are usually made at predetermined points while the work is being carried out, and can be triggered by specific events such as interim milestones, certifications or delivery of large quantities of materials. Progress payments not only provide vital funds for the contractor throughout the project, but also offer an extra layer of security for the buyer, who will be receiving regular updates on the progress of the work. By incentivizing contractors with regular payments, progress payments can help facilitate faster completion times, allowing businesses to benefit from their investments sooner rather than later.