Contractor Payment Schedule

Prepared by: [Your Name]

Introduction

This Contractor Payment Schedule provides a comprehensive overview of the payment milestones and terms for the construction of a residential complex project. It serves to ensure transparency and adherence to agreed-upon financial obligations throughout the project duration.

Please review the following schedule for detailed information on payment amounts, due dates, and additional payment terms specified for this project.

Project: Construction of Residential Complex

Contractor Payment Schedule

Milestone	Payment Amount ($)	Due Date
Foundation Completed	$50,000	January 15, 2050
Framing and Roofing	$75,000	February 28, 2050
Interior Fit-out	$100,000	April 30, 2050
Final Inspection and Handover	$25,000	June 30, 2050
Landscaping and Exterior	$20,000	August 31, 2050
Project Completion Bonus	$10,000	October 15, 2050
Warranty Period Completion	$5,000	December 31, 2050

1. Payment Terms

Initial Payment: 20% of the total contract amount due upon contract signing.
Progress Payments: Bi-monthly payments based on completion of specified milestones.
Final Payment: 10% retainage withheld until project completion and acceptance.

2. Project Specifications

Scope of Work: Includes excavation, foundation, structural framing, plumbing, electrical, HVAC, interior finishes, landscaping.
Quality Standards: Specifications for materials (e.g., concrete grade, timber type), construction methods (e.g., reinforced concrete slab), and compliance with local building codes.

3. Payment Instructions

Payments are to be made via bank transfer to the account details provided below.
Invoice Reference Number: INV2023001

4. Retainage Schedule

Retainage: 10% of each payment will be withheld until project completion.
Release Conditions: Retainage will be released upon successful final inspection and client approval.

5. Terms and Conditions

All payments are subject to [Your Company Name]'s standard terms and conditions, available upon request.
Late payments may incur interest charges at a rate of 5% per annum.

For inquiries and payments, please contact:

[Your Company Name]

Email: [Your Company Email]

Website: [Your Company Website]