Work-in-Process Law and Legal Definition
Work-in-process when used in the context of a contract refers to a partly completed job or a job in progress which is valued at total cost up to the stated period. In case of contracts having longer duration, the work-in-process is added with a percentage of the profit. With reference to manufacturing, work-in-process means a product being manufactured or assembled but not yet completed. It is also termed as work-in-progress.