Progress payments are generally made based on what criterion?

Progress payments are typically made based on the interval specified in the contract. This approach provides a structured payment schedule that aligns with the project's timeline and milestones. By establishing specific intervals for payments, contracts ensure that both parties have a clear understanding of when payments will be made. This fosters trust and financial management throughout the construction process, allowing the contractor to receive funds at predetermined stages in alignment with project progress.

Other options, while they can play a role in the payment process, do not provide the consistent framework that the specified intervals do. For instance, while completion of the entire project might result in a final payment, it doesn't address the ongoing need for cash flow throughout the project's life. The contractor's request for payment may be necessary, but without a contractually defined schedule, there could be ambiguity and potential disputes. Owner's satisfaction may influence payments, especially in terms of final payments for project completion, but it is not a criterion used for periodic progress payments.