milestone billing

Milestone billing is a payment method often used in projects or contracts, where payments are made at specific stages or achievements rather than at the end of the project. For example, a contractor might receive a portion of the total fee after completing the design phase, another payment after construction begins, and a final payment upon project completion. This approach helps manage cash flow for both parties, ensures that the contractor is compensated for their work as it progresses, and provides the client with a way to monitor project advancements and ensure quality before further payments are made.