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
Check out some of the best features and news from Designing Buildings as well as key stories from around the web.
Connect, collaborate, shape the future
Registration now live for UK Construction Week Birmingham.
CIOB announces Saul Humphrey FCIOB as new President for 26/27 term.
A quick, simple, and zero-bills solution to prevent overheating.
The adaptive reuse of large industrial structures.
Promoting the circular economy by extending the life of buildings.
CIAT responds to Climate Change Committee report
An urgent wake-up call for both government and the built environment.
Construction Management, 24 June
FMB pilot aims to build pipeline of site-ready tradespeople.
A quick introduction.
CLC publishes Mental Health Joint Code of Practice.
A quick introduction to its uses and risks.
Construction Management, 17 June
Government rolls out digital planning tool to all local authorities.
Your views needed - a strategy for the professions, trades and occupations.
Confronting competency, codes, capacity and costs.