Understanding the Milestone Payments Contracts

This Skill Bit explores the framework of milestone payment contracts that tie payments to specific project stages. Effective management of these contracts necessitates the establishment of clear, measurable milestones and objective verification processes to ensure that each stage is completed satisfactorily. Additionally, aligning the budget with these milestones is essential to maintain financial control. Emphasizing change management, quality control, and open communication fosters a collaborative environment.

Duration approx. 4 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.