Web designers

I have a big project that i am looking to get done, but fear it will cost atleast 3grand plus. Do any of you set up a contract where one can make monthly payments or some sort of smaller payments like say its 3 grand - 3 payments of 1grand instead of a lump sum. Is this sort of thing unheard of in the industry? I am sort of new so looking for advice or if most companies want 100% payment up front, or 50% upfront 50% when completed.

Thanks