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
Introducing or next Guest Editor Arun Baybars
Practising architect and design panel review member.
Quick summary by size, shape, test, material, use or bonding.
Types of rapidly renewable content
From forestry to agricultural crops and their by-products.
Terraced houses and the public realm
The discernible difference between the public realm of detached housing and of terraced housing.
Put digitalisation and sustainability at the core of curricula
Project management educators are urged.
Looking back at the influence of climate events
From a designer and writer: 'There are limits to growth but no limits to development'.
Terms, histories, theories and practice.
Biophilic design and natural light
Letting in the light and natural elements into spaces.
APM Programme Management Conference 2024
Strategies for Success.
Residential takes the reins as contract awards even out
Contracts down, but remain above the last quarter of 2023.
Celebrating Eid and the largest mud-brick building.
Barry Kingscote claims prestigious CIOB CMYA Award.
The British Mosque: an architectural and social history
The story of some 1,500 mosques or more in Britain.
Heat pump refrigerants, efficiencies and impacts
R12 to R1270 what are the differences?
Global heat pump market in 2023
Challenging times with positive but modest outlook.
Beyond the infrastructure pipeline
Opportunities and chokepoints.