[chatmasta]

Not sure what you mean? I'm saying the buyer has a project, and either the buyer or freelancer chops it up into milestones (in my case, I'm an engineer as well as a buyer so I can do this). Each milestone has a set price paid after completion. If the freelancer completes 3 milestones, he gets paid for each. If he completes 4, he gets paid for each. etc.

Not sure what you're saying?

[dreamfactory]

Depends whether your milestones are measured in time, features, business outcomes. First would still be t&m - just be a larger unit than days; second would be classic fixed price billing (which incentivises low quality hackily bolted together solutions which will be a pain to maintain and extend); third would be value-based consultancy.

[lifeisstillgood]

This is a fair insight - there are always milestones - the ones you agree to get paid by affect the project as a whole

I would suggest talking in terms of features / business outcomes.