Business and Personal Finance Dictionary

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• PROGRESS PAYMENTS
  
  Progress payments are payments made by the purchaser in stages as the seller acquires or builds the property to be sold. A written purchase agreement or contract establishes the seller's rights to claim payments before the property is delivered to the buyer. When the Federal government is making progress payments, the purchase contracts usually include standard clauses that affect secured lenders. These clauses provide that title to all materials, inventory, fixtures, and equipment that are chargeable to the government contract vests in the government.
  
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