Contractor Payment Schedule Template
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Contractor Payment Schedule
Please refer to the Contractor Payment Schedule above for the breakdown of payments associated with the project. Each payment corresponds to a specific milestone in the completion of the work, with due dates clearly outlined.
Contractor: [Your Company Name]
Client: [Client Name]
Project Name: [Event Name]
Project Address: [Client Address]
Date: [Contract Date]
Payment Phase | Description | Amount | Due Date | Payment Method |
|---|---|---|---|---|
1. Mobilization | Initial mobilization costs and setup | $2,000 | [Date] | Bank Transfer |
2. Progress Payment 1 | Completion of preliminary tasks (e.g. groundwork, site preparation) | $5,000 | [Date] | Bank Transfer |
3. Progress Payment 2 | 50% completion of main structure or key milestones | $7,500 | [Date] | Bank Transfer |
4. Progress Payment 3 | Completion of 75% of the work | $7,500 | [Date] | Bank Transfer |
5. Final Payment | Final inspection and project completion | $10,000 | [Date] | Bank Transfer |
6. Retention | Held as retention to be paid after 6 months, upon project warranty completion | $3,000 | [Date] | Bank Transfer |
Total Contract Amount: [$35,000]
Terms and Conditions:
Payments are due as per the schedule and must be made by the due dates to avoid delays.
The final payment is subject to successful completion of all contract requirements and client approval.
Retention will be paid upon the expiration of the warranty period, assuming no issues arise.
If any payment is delayed by more than [15] days, interest will be charged at [5]% per month on the outstanding amount.
Authorized Signatures:
Client:
Date:
Contractor:
Date:
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