milestones
Definition
Milestones are specific, agreed-upon goals or checkpoints written into a contract that must be completed before the next phase of work begins or payment gets released. Think of them as a roadmap that breaks a big project into measurable stages so both parties can track progress and know exactly when obligations have been met.
Example
If you hire a web developer to build your site, the contract might set a milestone for completing the homepage design before you release the first payment, and another milestone for finishing the full site before you release the final payment.
Watch Out
Make sure every milestone in your contract includes a clear, specific description of what 'done' looks like, because vague milestones lead to disputes about whether work was actually completed.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.