What is a secured advance in client billing?

Question

Accepted Answer

Secured advance in client billing is a payment made by the client to the contractor before the work is completed.

It is a form of pre-payment made by the client to the contractor
It is usually made to help the contractor cover the cost of materials and labor before the work is completed
The amount of the secured advance is usually a percentage of the total contract value
The contractor must provide security for the advance, such as a bank guarantee or insurance policy
The secured advance is deducted from the final payment due to the contractor