What is a milestone? A milestone is a defined task accompanied by a description of what has to be done, the amount that will be paid for completing this task, and a set timeframe. Milestones are utilized for Fixed Cost contracts.
At goLance, we understand how important it is to keep your projects organized and on track. That's why we offer milestones for fixed-cost jobs, which can be used to break down a project into smaller, more manageable steps.
We also find that starting with a fixed-cost contract will help clients and freelancers establish a basis for an hourly contract instead. Fixed-cost contracts are great for projects where you do not require a freelancer to log time with the goMeter.
Setting Milestones
To ensure a successful project outcome, it's essential to discuss and agree upon all milestone amounts, deliverables, and deadlines with your freelancer or client before beginning work. You can discuss potential milestones during the interview phase or create additional milestones as the project progresses.
You can easily add, edit, delete, or rearrange any unfunded milestones.
Reviewing Milestones
Throughout the project, your freelancer will submit work for your review. You'll have 5 days to review and either request changes or approve the work. Once you approve the work, the funds you deposited in escrow will be released to your freelancer.
If you and your freelancer decide to end the project before all milestones are complete, you can request an escrow refund for any remaining funds.
If you don't respond to a milestone submission within 5 days, the escrowed funds will be automatically released to your freelancer.
Best Practices: Setting Milestone Expectations
To ensure a successful project outcome, it's essential to be specific when setting milestone expectations. Detail what your freelancer agreed to provide in return for the funds you will deposit in escrow.