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Milestones are a way to divide your fixed-price job into a series of deadlines based on your needs. They let you break a larger contract into more manageable chunks of time, budget, and/or deliverables.
You and your freelancer can detail and agree on all your milestone amounts, deliverables, and deadlines during the interview phase if you have that much planned out already. If not, you can create them one or a few at a time over the course of the contract. Over the course of the contract, your freelancer will submit milestones for review and the funds in escrow will be released when they are approved.
For each milestone, you’ll detail what exactly your freelancer agreed to provide in return for the funds you will deposit in escrow. This way you and your freelancer know what deliverables are expected, the deadline for deliverables, and how much you will pay for them. Be as specific as you can. This is your chance to formalize the agreement between you and your freelancer about what is to be delivered, when, and for how much money.
Learn more about:
- Escrow for fixed-price jobs
- Fixed-price job offer deposits
- Review a milestone
- Approve a milestone
- Pay a bonus on a fixed-price job
- Reject or ask for changes on a milestone
- Add and activate more milestones
- Change or refund a milestone
- End a fixed-price contract
- Fixed-price transaction history