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Payment Profile


Source: Procurement Glossary
Author: Paul Rogers
Institute: CIPS - UK

Courtesy of


 

The term ‘payment profile’ describes the timing and scaling of a contractor’s remuneration.  For example, some contracts include a retention clause, under which the client retains a sum of money until a defined period has elapsed.  In other contracts, the client may make interim payments to the contractor to cover out-of-pocket expenses such as the purchase of materials, based on a claim by the contractor for the value of those expenses.  Alternatively, the client may define key milestones that trigger the release of a payment on completion by the contractor.  Such stage or milestone payments represent a payment profile, and this profile is used where it is not possible or appropriate to create a simple lump sum payment upon completion of the work.  See also Incentive.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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