When do I need to make the payment for a Milestone pay project?

Once you have finalized the Data Expert you want to work with, the expert and you will need to agree on a detailed project scope (also referred to as a “Work Diary” ) comprising of four milestones that outline the details of the delivery schedule and timelines for the Project.

• To approve the project scope, you will need to make a deposit equal to 25% (twenty five percent) of the total agreed upon Project budget. The data expert should start working only when the project scope is approved. Till the payment is not made, the project scope will remain unapproved. This amount is held in the Econolytics Escrow account and will be released to the expert only once the completion and approval* of the first milestone.

• Next, while approving the first milestone submitted by the data expert, a deposit for the second milestone has to be made, equal to 35% (thirty five percent) of the total agreed upon Project budget. This amount will go to the Econolytics Escrow account and will be released to the expert only once the completion and approval* of the second milestone.

• Thereafter, while approving the second milestone submitted by the data expert, a deposit for the third milestone has to be made, equal to 35% (thirty five percent) of the total agreed upon Project budget. This amount will go to the Econolytics Escrow account and will be released to the expert only once the completion and approval* of the third milestone.

• Now coming down to the last and final milestone (Milestone Four), after approving the third milestone you need to top up the escrow account with the remaining 5% of the project value so that it can be paid at the end of the project to the data expert.

*Note- In case no action is taken within 14 working days from the milestone submission date by the data expert, the payment would be automatically credited to the expert.