Money & Pricing
Progress payment
A partial payment made as a job reaches agreed milestones, such as after tear-off, dry-in, or final inspection. Get the schedule in writing before starting, because a progress payment not tied to completed work is the most common way a contractor ends up financing a customer's job.
More money & pricing terms
- Profit
The contractor's margin on a job, after labor, materials, and overhead are covered.
- Progress billing
Invoicing for work completed to date on a job rather than billing the whole job at the end. Each invoice should tie to the approved scope and the work actually in place, with photos or a signed draw schedule, because carriers and lenders release money in stages.
- PWARR
Paid When Actually Repaired or Replaced: line items, often code upgrades and add-ons, the carrier holds back and only pays after the work is actually completed and documented.
- PWI
Paid When Incurred: line items the carrier pays as part of the claim once they are incurred, without waiting for the work to be finished.
- Quantity
How many units of a line item an estimate calls for, squares, feet, hours, or each.
- RCV
Replacement Cost Value: the full cost to repair or replace damaged property, before depreciation is subtracted.
Common questions
What does "Progress payment" mean in Xactimate estimating?
A partial payment made as a job reaches agreed milestones, such as after tear-off, dry-in, or final inspection. Get the schedule in writing before starting, because a progress payment not tied to completed work is the most common way a contractor ends up financing a customer's job.
Where does "Progress payment" show up in a claim?
The term matters on estimates and scopes across the insurance restoration workflow. Browse the glossary for related terms.
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