Question on: SS3 Accounting - Contract Account - Terminologies Used
What is a progress payment?
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A
A percentage of the contract value withheld by the client as security for the contractor's performance
B
Payments made to the contractor during the course of the project based on the completion of specific milestones
C
Changes made to the contract or scope of work that affect the agreed-upon price and timeline
D
A document issued by the client requesting a change to the original terms of the agreement
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Correct Option: B
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