Commercial Construction Progress Payments & Contractor Requirements
In the commercial construction industry, progress payments are the lifeline that keeps projects moving. Unlike lump-sum payments, progress payments allow contractors and subcontractors to receive payments at different project stages based on completed work. However, to ensure smooth payment processing, proper documentation—including lien waivers and material waivers—is essential.
What Are Progress Payments in Commercial Construction?
Progress payments are scheduled payments made throughout a project based on the percentage of work completed. This payment structure is common in large-scale commercial projects and provides a steady cash flow for general contractors, subcontractors, and material suppliers.
What Contractors & Subcontractors Need to Submit for Payment
To receive a progress payment, the following documents are typically required:
Invoice – Clearly outlining completed work and associated costs.
Lien Waivers – These include conditional and unconditional lien waivers that protect all parties involved by confirming payment status.
Material Waivers – Suppliers often require documentation ensuring their materials have been paid for.
Project Compliance Documentation – Any additional documents required by lenders, general contractors, or title companies.
At Count on Woods, we specialize in helping construction professionals prepare and submit these essential documents, ensuring timely payments and compliance with Chicago Title, escrow companies, and lenders.
How We Help Contractors & Subcontractors Get Paid Faster
Drafting and notarizing lien waivers within 24-36 hours.
Invoice generation and submission support.
Coordination with general contractors and suppliers to ensure compliance.
Full project financial tracking and reconciliation services.
Secure Your Payments & Keep Your Projects Running Smoothly
With over 7 years of commercial construction accounting experience and 10+ years of bookkeeping expertise, Count on Woods ensures contractors and subcontractors receive timely payments while staying compliant with industry standards.
📞 Call us today at 312-545-0929 or visit www.CountOnWoods.com to learn how our services can help you increase profitability and efficiency in your construction business.