milestone billing
Definition
Contact payments scheduled according to completion of specified stages.

Read more: http://www.businessdictionary.com/definition/milestone-billi...

MILESTONE PAYMENT CLAUSE (5-89)
Milestone payments shall be made to the Seller when requested at the completion of the
subcontract stipulated performance milestones, upon the following terms and conditions:

http://web.ornl.gov/adm/contracts/library/articles_forms/his...

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Note added at 10 mins (2014-10-25 09:57:41 GMT)
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Milestone Payment Definition
Construction legal adviceA "Milestone Payment" is an Authority payment made to a Contractor which is linked to the Contractor delivering a service or commodity such that, should the Agreement be terminated at the point of payment, the Authority will have received working assets that would have some "intrinsic value" (at least equal to or greater than the total of the aggregate Milestone Payments up to that point). Precise definitions of intrinsic value will be agreed between the Authority and Contractor in advance on a project to project basis. For central government contracts, a Milestone Payment constitutes an "interim payment" as defined by the Government
Accounting manual).

http://www.longworthconsulting.co.uk/construction_contracts/...

as in stage payments

https://www.scribd.com/doc/100933741/Letter-to-QGTCMI-Office...
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COMMENT
The Spanish text is not correctly written. In Spanish we don't say "hitos de pago" but "plazos de pago".

The fragment of the text in correct Spanish would read:
La compañía efectuarà los pagos del servicio dentro del término establecido para los mismos,y acordados antes de la firma del contrato, los cuales serán especificados en el anexo A de dicho contrato. Si la compañía objetase ...