How does JotForm define a bimonthly subscription?

Does that mean occurring every two months or occurring twice a month?

Bi-monthly subscription in the payment wizard means every 2 months.

Hope that helps. Thank you.

How would I set up a subscription to do the following:

First Payment = $295

Then after 60 days (2 months), the remainder $1000 is due.

You can define that in the Additional area, please check this guide: https://www.jotform.com/help/166-How-to-setup-a-recurring-payment-option 

Let us know if you need more help.