Percentage of Completion Method Law and Legal Definition

Pursuant to 49 CFR 18.3 [Title 49 – Transportation; Subtitle A -- Office of the Secretary of Transportation; Part 18 -- Uniform Administrative Requirements for Grants and Cooperative Agreements to State and Local Governments], percentage of completion method refers to “a system under which payments are made for construction work according to the percentage of completion of the work, rather than to the grantee's cost incurred.”