Modern Counsel for Growing Companies
In plain English
The agreed rules governing amounts owed, billing, due dates, deposits, expenses, late charges, and related payment procedures. They should coordinate with acceptance, suspension, and dispute provisions. Adding a new fee to an invoice does not necessarily make it enforceable if the customer never agreed to it.
Types and key distinctions
Milestone Payments
Payments tied to specified stages, deliverables, or events in a project. The agreement should state what triggers payment, whether acceptance is required, and how delays or disputed work are handled. A schedule saying payment is due at completion is clearer when completion has an agreed meaning.