What is the difference between Billed, Gross Billed, and Net Billed?

Billed refers to a part of the contract amount billed on invoices of projects, excluding discounts. Gross Billed refers to the full amount billed on an invoice prior to applying any discounts, retainers, or retainage. Net Billed refers to the full amount billed on the invoice after applying (or subtracting) the discounts, retainers, and retainage.