Michael Torres
CPA, Former IRS Revenue Agent
Milestone
In This Article
Definition
Major checkpoint in a project, often tied to partial payment release.
Related Terms
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FAQs
How do milestone payments work?
Get paid at each project milestone completion.
Why use milestones?
Reduces risk; ensures payment throughout project.
Similar Terms
Payment Terms
Conditions specifying when and how payment is due, like Net 15 or 50% upfront.
Scope Creep
Gradual expansion of project requirements beyond original agreement without additional compensation.
Retainer
Ongoing payment arrangement where client pays set amount monthly for reserved time or services.
Revision
Changes or modifications requested by client to completed work, often limited in contracts.
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