When using a Fixed Bid Milestone Billing Schedule, when are invoices generated?

In a Fixed Bid Milestone Billing Schedule, invoices are generated when specific project milestones are reached. This approach aligns billing with the progress of the project, ensuring that clients are invoiced based on the completion of defined phases or significant achievements within the project timeline. This method is beneficial as it establishes clear expectations for both the service provider and the client regarding when payments will be made in relation to the project's progression.

This milestone-based approach helps maintain cash flow during a project and can enhance transparency, as clients see a direct correlation between their payments and the work completed. It is a common practice in project management, especially for contracts where payment terms are tied to deliverables or significant stages in the project lifecycle.