Understanding financial terms is crucial when dealing with contracts, projects, or construction in Korea. This guide focuses on the specific term 기성금 (gi-seong-geum), explaining its meaning and usage in various contexts, particularly related to progress payments based on completed work.
Table Of Content
Korean Expressions
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Expression: 기성금
Pronunciation: gi-seong-geum
Meaning: Progress payment; an installment payment made based on the portion of work completed, commonly used in construction contracts or long-term projects.
Related Financial Terms
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Expression: 계약금
Pronunciation: gye-yak-geum
Meaning: Contract deposit, down payment -
Expression: 중도금
Pronunciation: jung-do-geum
Meaning: Interim payment, middle payment (often a scheduled payment not necessarily tied to specific progress like 기성금) -
Expression: 잔금
Pronunciation: jan-geum
Meaning: Final payment, remaining balance -
Expression: 선급금
Pronunciation: seon-geup-geum
Meaning: Advance payment -
Expression: 공사 대금
Pronunciation: gong-sa dae-geum
Meaning: Construction payment/cost -
Expression: 견적서
Pronunciation: gyeon-jeok-seo
Meaning: Quotation, estimate sheet -
Expression: 계약서
Pronunciation: gye-yak-seo
Meaning: Contract document -
Expression: 청구서
Pronunciation: cheong-gu-seo
Meaning: Invoice, bill -
Expression: 영수증
Pronunciation: yeong-su-jeung
Meaning: Receipt -
Expression: 지불 조건
Pronunciation: ji-bul jo-geon
Meaning: Payment terms -
Expression: 할부금
Pronunciation: hal-bu-geum
Meaning: Installment payment (a more general term than 기성금) -
Expression: 대금 지급
Pronunciation: dae-geum ji-geup
Meaning: Payment settlement
Korean Expressions
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Expression: 기성금을 청구하다
Pronunciation: gi-seong-geum-eul cheong-gu-ha-da
Meaning: To invoice/request a progress payment. -
Expression: 기성금을 지급하다
Pronunciation: gi-seong-geum-eul ji-geup-ha-da
Meaning: To make a progress payment. -
Expression: 기성금 지급 조건
Pronunciation: gi-seong-geum ji-geup jo-geon
Meaning: Progress payment terms. -
Expression: 이번 달 기성금은 얼마입니까?
Pronunciation: i-beon dal gi-seong-geum-eun eol-ma-im-ni-kka?
Meaning: How much is the progress payment for this month? -
Expression: 공사 진척도에 따라 기성금을 받습니다.
Pronunciation: gong-sa jin-cheok-do-e tta-ra gi-seong-geum-eul bat-seum-ni-da
Meaning: We receive progress payments according to the construction progress. -
Expression: 기성금 신청서를 제출했습니다.
Pronunciation: gi-seong-geum sin-cheong-seo-reul je-chul-haet-seum-ni-da
Meaning: I submitted the progress payment application form. -
Expression: 기성금 지급이 지연되고 있습니다.
Pronunciation: gi-seong-geum ji-geub-i ji-yeon-doe-go it-seum-ni-da
Meaning: The progress payment is being delayed. -
Expression: 계약서에 명시된 기성금 비율
Pronunciation: gye-yak-seo-e myeong-si-doen gi-seong-geum bi-yul
Meaning: The progress payment ratio specified in the contract. -
Expression: 기성금 검토 후 승인되었습니다.
Pronunciation: gi-seong-geum geom-to hu seung-in-doe-eot-seum-ni-da
Meaning: The progress payment was approved after review. -
Expression: 기성금 관련 서류를 준비해 주세요.
Pronunciation: gi-seong-geum gwal-lyeon seo-ryu-reul jun-bi-hae ju-se-yo
Meaning: Please prepare the documents related to the progress payment. -
Expression: 다음 기성금 지급일은 언제인가요?
Pronunciation: da-eum gi-seong-geum ji-geub-il-eun eon-je-in-ga-yo?
Meaning: When is the next progress payment date? -
Expression: 기성금 정산이 필요합니다.
Pronunciation: gi-seong-geum jeong-san-i pil-yo-ham-ni-da
Meaning: Settlement of the progress payments is required.
Cultural Notes on Payments in Korea
Understanding the term 기성금 (gi-seong-geum) involves recognizing its specific place within Korean business and contractual practices, particularly in construction and large projects.
Emphasis on Contracts: Korean business culture highly values detailed contracts (계약서 – gye-yak-seo). These contracts typically outline the payment schedule clearly, specifying amounts and timings for the deposit (계약금 – gye-yak-geum), interim payments (중도금 – jung-do-geum or 기성금 – gi-seong-geum), and the final payment (잔금 – jan-geum).
Context Specificity: 기성금 is not a general term for any installment. It specifically refers to payments made based on the percentage or stage of work completed, verified progress, or achieved milestones. This makes it common in construction, software development, or other long-term projects where progress can be measured incrementally.
Payment Structure Nuance: While both 중도금 (jung-do-geum) and 기성금 (gi-seong-geum) are interim payments, 중도금 often refers to payments made at pre-agreed dates or stages, whereas 기성금 is more directly tied to the *actual amount* of work finished up to that point. The calculation method for 기성금 is usually defined in the contract.
Importance of Documentation: Requesting (청구하다 – cheong-gu-ha-da) and receiving (지급하다 – ji-geup-ha-da) 기성금 involves formal processes. This usually requires submitting documentation like progress reports and invoices (청구서 – cheong-gu-seo) for verification before payment is approved and a receipt (영수증 – yeong-su-jeung) is issued.
Real Conversation Example
Situation: A construction site manager contacts the client’s representative to request the next progress payment based on the work completed this month.
Roles:
A: 김민준 (Kim Minjun) – Construction Site Manager
B: 박서연 (Park Seoyeon) – Client Representative
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Expression: A: 박 대리님, 안녕하세요. 김민준 현장소장입니다. 이번 달 기성금 청구 관련해서 연락드렸습니다.
Pronunciation: Bak dae-ri-nim, an-nyeong-ha-se-yo. Gim Min-jun hyeon-jang-so-jang-im-ni-da. I-beon dal gi-seong-geum cheong-gu gwal-lyeon-hae-seo yeol-lak-deu-ryeot-seum-ni-da.
Meaning: Assistant Manager Park, hello. This is Kim Minjun, the site manager. I’m calling regarding the progress payment request for this month. -
Expression: B: 네, 소장님. 안녕하세요. 서류는 준비되셨나요?
Pronunciation: Ne, so-jang-nim. An-nyeong-ha-se-yo. Seo-ryu-neun jun-bi-doe-syeot-na-yo?
Meaning: Yes, Manager Kim. Hello. Are the documents ready? -
Expression: A: 네, 공사 진척 보고서와 함께 기성금 청구서 이메일로 방금 보내드렸습니다. 확인 부탁드립니다.
Pronunciation: Ne, gong-sa jin-cheok bo-go-seo-wa ham-kke gi-seong-geum cheong-gu-seo i-me-il-lo bang-geum bo-nae-deu-ryeot-seum-ni-da. Hwa-gin bu-tak-deu-rim-ni-da.
Meaning: Yes, I just emailed the progress payment invoice along with the construction progress report. Please check it. -
Expression: B: 알겠습니다. 지금 확인하고 내부 검토 후에 연락드리겠습니다. 기성금 지급 예정일은 계약서대로 다음 주 금요일 맞지요?
Pronunciation: Al-get-seum-ni-da. Ji-geum hwa-gin-ha-go nae-bu geom-to hu-e yeol-lak-deu-ri-get-seum-ni-da. Gi-seong-geum ji-geup ye-jeong-il-eun gye-yak-seo-dae-ro da-eum ju geum-yo-il mat-ji-yo?
Meaning: Understood. I’ll check it now and contact you after our internal review. The scheduled progress payment date is next Friday, as per the contract, correct? -
Expression: A: 네, 맞습니다. 검토 후 이상 없으시면 일정대로 지급 부탁드립니다.
Pronunciation: Ne, mat-seum-ni-da. Geom-to hu i-sang eop-eu-si-myeon il-jeong-dae-ro ji-geup bu-tak-deu-rim-ni-da.
Meaning: Yes, that’s correct. If there are no issues after your review, please proceed with the payment as scheduled. -
Expression: B: 네, 확인 후 다시 연락드리겠습니다. 수고하세요.
Pronunciation: Ne, hwa-gin hu da-si yeol-lak-deu-ri-get-seum-ni-da. Su-go-ha-se-yo.
Meaning: Okay, I will contact you again after checking. Keep up the good work.
Practice Tips
Understanding terms like 기성금 (gi-seong-geum) is key if you’re involved in projects or business dealings in Korea! Try reviewing the related terms like 계약금, 중도금, and 잔금 to grasp the full payment cycle~
Pay close attention to the pronunciation: gi-seong-geum. Practice saying it clearly! If possible, look at sample Korean contracts (you might find templates online) to see how these terms are used in context. Familiarizing yourself with these specific financial expressions will greatly help in professional settings! Keep practicing!
