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This free printable construction payment schedule template has been created by BuildBook as a simple way for contractors, home builders, and remodelers to quickly create, download, and send project payment schedules to clients.
Just use the fill-in-the-blank inputs to add your company and client details, calculate the number of payments, schedule payments, and download, print, or share your pre-formatted schedule. You can create and send your schedules in just minutes.
This template has everything you need and is provided free of charge, and can be used without restrictions in Excel or Google Sheets.
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This construction payment schedule template has been created by BuildBook with everything you need to reduce the time it takes to create and send schedules for your construction project payments ... and it's completely free!
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Add your company details, upload your logo and personalize the schedule for your client.
Schedule each payment, determine the amount, and the payment status.
When ready, download or print your formatted payment schedule to keep or share.
A construction payment schedule, also sometimes referred to as a contractor payment schedule, is a plan that outlines when payments are due for different phases of a construction project. It typically includes milestones or kick-off and completion points that align with payments, ensuring that the project is properly funded and the work is completed according to a schedule.
Some common payment milestones in a construction payment schedule may include:
This initial payment is made before any work begins, often used to secure the contract and purchase materials.
For projects divided into distinct phases (i.e. foundation, framing, roofing), payments are made upon the completion of each phase. This ensures progress is continuously funded.
This is paid when the project is substantially completed, meaning all major work is done and the property is usable for its intended purpose, albeit minor tasks might still need to be completed.
The last payment is made once the project is completed to the satisfaction of both the client and the contractor, including the finishing of all minor corrections or punch list items.
Additional payments can be included for any changes or additions to the original contract. These are negotiated and agreed upon as changes are made.
In addition to the milestones for payment, a comprehensive construction payment schedule often details specific terms and conditions relevant to the payment process. This includes the total project cost, a description of costs associated with each phase or milestone, due dates for each payment, and the forms of payment that are accepted.
A payment schedule may also outline the process for handling disputes, payment and schedule delays, or changes made during the project. In certain cases, the schedule might need to serve as a legally binding document, acting as part of a contract protecting both the contractor and the client.
Ultimately, a construction payment schedule should include whatever is necessary to provide transparency and mutual understanding between the client and contractor.
