In construction, a stage payment schedule is a list of dates setting out when payments will be made by one party to another under the terms of the contract
between them. It can also also be linked to the completion or fulfilment of certain pre-agreed activities or stages, at which point payments must be made.
By including a payment schedule in the contract, setting out who needs to do what and by when, the likelihood of parties getting dates wrong can be reduced,
and so disputes are less likely.
A payment schedule will usually include the following details:-
The starting date for the contract
The amount to be paid as an initial payment
The interval of other payments after the initial payment
The timeframe within which the project will be completed
The estimated total construction contract amount
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