Milestone Agreement
/ˈmaɪlstoʊn əˈɡriːmənt/
Definitions
- (n.) A contract or clause that sets specific goals or events as conditions for further obligations or payments.
The parties signed a milestone agreement requiring completion of phase one before funding the next stage.
Forms
- milestone agreement
- milestone agreements
Related terms
See also
Commentary
Milestone agreements highlight key obligations tied to project progress and trigger consequential actions like payments or approvals; precise drafting is needed to clearly define each milestone and its effects.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.