Understanding Construction Contract Payment Schedule
and place in
| Payment | Amount | Due Date |
|---|---|---|
| Initial Payment | $10,000 | Upon Signing |
| Final Payment | $20,000 | Upon Completion |
Example 2: Progress Payments
This example shows a payment schedule for a contract with progress payments. In this type of contract, the contractor agrees to complete the project in phases and receive payment for each phase as it is completed. The payment schedule outlines the total cost of the project, any progress payments, and any late payment fees.
| Payment | Amount | Due Date |
|---|---|---|
| Initial Payment | $2,500 | Upon Signing |
| Progress Payment 1 | $5,000 | Upon Completion of Phase 1 |
| Progress Payment 2 | $7,500 | Upon Completion of Phase 2 |
| Final Payment | $10,000 | Upon Completion of Project |
Example 3: Retainage
This example shows a payment schedule for a contract with retainage. In this type of contract, the contractor agrees to receive payment in full, but a portion of the payment is held back until the project is completed. The payment schedule outlines the total cost of the project, the timeline for payment, any progress payments, and any retainage.
| Payment | Amount | Due Date |
|---|---|---|
| Initial Payment | $10,000 | Upon Signing |
| Progress Payment 1 | $5,000 | Upon Completion of Phase 1 |
| Progress Payment 2 | $7,500 | Upon Completion of Phase 2 |
| Retainage | $3,000 | Upon Completion of Project |
| Final Payment | $15,000 | Upon Completion of Project |
Conclusion
A construction contract payment schedule is an important part of any construction contract. It outlines the payment terms for the project, including the total cost of the project, the timeline for payment, any progress payments, and any late payment fees. It is important to ensure that both parties understand and agree to all the terms of the payment schedule before signing the contract.
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