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
Liverpool's world heritage site status
Who is to blame?
Research recommends focussing on portfolio success rather than project success.
ICE and BSI launch revised PAS 128 standard.
The revised standard for mapping underground utilities.
Launching the UK net zero carbon buildings standard.
Cross-industry steering group seeks support in delivery.
How to write an inspection and test plan.
Help us update process pieces from your field.
APM report explores existing practice.
Previous reflections on mental health with CIAT.
COVID-19 and the importance of mental wellbeing.
IHBC accreditation recognised by CSCS
As Professionally Qualified Person (PQP).
The Queens speech; bill by bill for 2022.
In order of relevance and with industry responses.
Mental Health awareness week, May 9-15.
Raising awareness of the impacts of loneliness.
Rapidly renewable materials and construction.
The list is growing, and in more ways than one.
Personal experiences of infrastructure maintenance issues.
We shouldn’t build new, If we can’t maintain what's built.
Mass timber: challenges and potential solutions.
Timber Accelerator Hub phase 1 report
CIOB Safer Buildings UK conference. May 26.
Find out more and book your place today.
Delisting a world heritage site
What was Unesco up to in Liverpool?
Repairing a symbol of the industrial revolution.
Cooling in the context of extreme summer temperatures.
BSRIA on air conditioning inflation and supply chain crisis.
ICE react to gender stereotyping.
From the chair of UK gov's commission on social mobility.
Specifying Concrete with The Concrete Centre.
5 types of concrete specification.