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- Progress Tracking: This refers to monitoring how much of the project is completed. It’s usually documented through a Progress Report, prepared periodically.
- This report shows the percentage of work done across various stages or deliverables.
- Progress Billing: Based on the recorded progress, partial billing is done.
- Instead of invoicing the full contract amount at once, the client is billed for the portion completed.
- This ensures transparency and fairness in billing.
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