Milestone payment
Civil Engineering Procedure, 7th edition, published by the Institution of Civil Engineers, defines the term ‘milestone payment’ or ‘planned progress payment’ as:
| Payment to a contractor in a series of lump sums, each paid upon his achieving a ‘milestone’ – meaning a defined stage of progress. Use of the word milestone usually means that the payment is based upon progress in completing what the promoter (client) wants. Payment based upon achieving defined percentages of a contractor’s programme of activities is also known as a ‘planned payment’ scheme. |
NB: The Housing Grants, Construction and Regeneration Act 1996 (also known as the Construction Act) includes provisions to ensure that payments are made promptly throughout the supply chain, including the right to be paid in interim, periodic or stage payments on contracts that exceed 45 days.
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
CIOB launches global mental health survey
To address the silent mental health crisis in construction.
New categories in sustainability, health and safety, and emerging talent.
Key takeaways from the BSRIA Briefing 2024
Not just waiting for Net Zero, but driving it.
The ISO answer to what is a digital twin
Talking about digital twins in a more consistent manner.
Top tips and risks to look out for.
New Code of Practice for fire and escape door hardware
Published by GAI and DHF.
Retrofit of Buildings, a CIOB Technical Publication
Pertinent technical issues, retrofit measures and the roles involved.
New alliance will tackle skills shortage in greater Manchester
The pioneering Electrotechnical Training and Careers Alliance.
Drone data at the edge: three steps to better AI insights
Offering greater accuracy and quicker access to insights.
From fit-out to higher-risk buildings.
Heritage conservation in Calgary
The triple bottom line.
College of West Anglia apprentice wins SkillELECTRIC gold.
Scottish government launch delivery plan
To strengthen planning and tackle the housing emergency.
How people react in ways which tend to restore their comfort.
Comfort is a crucial missing piece of the puzzle.
ECA launches Recharging Electrical Skills Charter in Wales
Best solutions for the industry and electrical skills in Wales.
New homebuilding skills hub launch and industry response
Working with CITB and NHBC to launch fast track training.