A milestone is a significant event that marks the completion of a work package or phase. When developing a payment profile for a project, it can be helpful to link instalment payments to milestones such as completion of work packages or the fulfilment of a project deliverable. This creates an incentive for the provider to undertake timely performance throughout the project. See also Incentives and Payment Profile.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.