Contract payments refer to the financial transactions made between parties involved in a contract. These payments are typically outlined in the contract itself, specifying the amount, due dates, and payment methods. They can be made as a lump sum or in installments, depending on the agreement. In many cases, contract payments are linked to specific milestones or deliverables. For example, a contractor may receive payments after completing certain phases of a project. This ensures that both parties fulfill their obligations and helps maintain trust throughout the duration of the contract.