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What is a milestone payment schedule?

What is a milestone payment schedule?

A milestone payment schedule involves identifying specific aspects during the course of a project at which the service provider will submit work and the employer will then make a proportional payment to the service provider. Many Onlinestaffers.com employers and service providers find that this program works well for them for a number of reasons. Of course the logical reason is to protect themselves from getting scammed but the other reasons discussed are equally important.

Why use a milestone payment schedule?

Another excellent reason to utilize this type of payment schedule is that the employer can monitor the project in different stages. This can be beneficial in ensuring that the quality of the final project is maintained. This works well for service providers because they will always know what is expected of them, rather than finding out at the end of a project, that it was not what the employer wanted and then they would have to do the job all over again. And finally, milestone obligations help each side keep close track of the task being completed especially for the longer projects that may take a few days or several days to complete.

How often should milestone payments be made?

While the ultimate decision, concerning how frequently milestone obligations ought to be made, depends on the employer,  and also the service providers contracting to work together, many people find that it works well to make payments in 25 % increments. This allows for four separate payments and 4 occasions that actually work is going to be handed in. Upon the conclusion of every milestone the customer and seller may then discuss expectations for the following milestone which can be useful for both sides.

We all know that there are major risks involved with working with people you do not know but using tools like milestone payments will help to safeguard both employer and also the service provider.

 

 
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 Article # 45
 Posted on 02/13/2013, 09:39:53 PM
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