A construction payment schedule ties each payment to a defined, verifiable milestone rather than a calendar date. Each row should carry the milestone description, the completion trigger, the percentage of contract, the dollar amount, retainage withheld, the net payable and the running balance. Tying draws to inspectable milestones is what keeps the contractor cash-positive and gives the client a clear basis to release funds.
Cash flow problems are usually schedule problems. This template ties every draw to a milestone somebody can actually verify, and shows retainage and the running balance at each step. Free PDF and spreadsheet.
Deposit limits, draw requirements and retainage caps are regulated differently in each state, and some jurisdictions restrict how much a residential contractor may collect up front. Check your state's rules and have an attorney review your contract terms.
Tie draws to verifiable milestones such as permit issue, material delivery, rough-in inspection passed, drywall complete and substantial completion. Each draw should approximately cover the costs incurred to reach it, so you are never financing the client's project.
Enough to cover initial materials and mobilisation, but several states cap residential deposits by percentage or dollar amount. Check your state's home improvement rules before setting a standard deposit.
The same thing as a payment schedule, most often used on financed or lender-supervised projects where each draw requires inspection sign-off before funds are released.
A free construction payment and draw schedule template from WinkScope in PDF and CSV, no signup. It ties each draw to a verifiable milestone and completion trigger, with percentage of contract, draw amount, retainage withheld, net payable, target date and running totals for cumulative billed, retained and received, plus terms covering deposit, payment window, required documents and retainage release conditions.