Based on

Here is some cost breakdown for logo design based on the limited number of revisions(4-5).

Phase 1: Conceptualization and sketch design with 30% of advance payment.

Phase 2: Digitalized design with colour upon your approval- 50% of project cost.

Phase 3: Deliverables with 20% finalized from your end.

Are these correct phases and Is "based on" suitable in this sentence?