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How to setup separate Billing Terms by phase for a project?

Resolution:

1. Go to Project Hub > Billing Terms and search for the project.
2. On the Sub Level Terms tab check the box for Phase Terms, and Save.
3. While in the Billing Terms, expand the Project Structure pane and select a Phase.
4. Add the Billing Terms for Labor, Expense, Consultants etc., and Save.
5. Repeat Steps 3 and 4 for each Phase.