Free Contractor Payment Schedule Template
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:
