How to use When to use For whom Planning pitfalls Reaching deadlines

FREE Construction Payment Schedule Template

Master construction payment timelines with our intuitive construction payment schedule template project plan Gantt chart template.

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Gantt chart template

Why use our Construction Payment Schedule Template instead of Excel or Google Sheets?

Get started with our Construction Payment Schedule Template in seconds while skipping the hassle involved with Excel or Google Sheets.

Build Gantt charts in minutes, not hours.

Build Gantt charts in minutes, not hours.

No project management experience? No problem. Tom's Planner offers a user-friendly, drag-and-drop interface that's intuitive and easy to learn. Creating Gantt charts is a breeze, saving you time and effort. Compare that to the time-consuming, frustrating, manual formatting-intensive process of building a Gantt chart in Excel or Google Sheets.

Create a Gantt chart in minutes, not hours

Move at the pace of modern business with no learning curve or Googling formulas.

Good luck figuring out how to make a Gantt chart work in Excel or Google Sheets. Excel’s user manual weighs in at a hefty 500+ pages. It takes just five minutes with Tom’s Planner to start planning your first real project plan.

Create a Gantt chart in minutes, not hours

Headache-free collaboration and sharing.

Tom's Planner offers powerful options for sharing and collaborating on Gantt charts, including public links, PDF exports, and team access with customizable permission levels. It’s never been easier to communicate or ensure everyone’s on the same page. Compare that to Excel, where sharing and collaboration mean jumping through hoop after hoop and dealing with confusion and chaos.

How to use Tom’s Planner’s construction payment schedule template to build and share your construction project.

Getting your project off the ground is as easy as 1-2-3.

Step #1

Click the 'start with template’ button to open the Construction Payment Schedule Template.

Step #2

Register for a free account and watch a short video on using Tom’s Planner. The account is free forever, with no strings attached.

Step #3

You’re all set to use the Gantt chart template. Need additional help? Our AI assistant can create a custom Gantt chart Construction Payment Schedule Template based on your project description.

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What is a construction payment schedule template?

Construction projects are complex and require in-depth planning. That’s true for everything from creating your overall project plan and submitting it as a bid to the payment schedule that will keep the project moving forward. A construction payment schedule can help ensure that clients make payments on time so that you can purchase supplies, pay subcontractors, pay for permits, and keep yourself solvent.

A construction payment schedule template is a convenient way to create an accurate guide for payments within a construction process. A typical payment schedule for contractors can include a wide range of payment-related things, including:

  • Scope of the work performed
  • Payments due to various parties throughout the project
  • Preferred payment methods
  • Retainage for each payment
  • Amounts paid
  • Payment/milestone dates

Plan your project better with a construction payment schedule Gantt chart template

While you might think that using a construction payment schedule template in Excel is fine, spreadsheets like this (and Google Sheets) are pretty limited. A construction payment schedule Gantt chart like Tom’s Planner gives you much greater flexibility and helps ensure accurate planning, ensuring that you get paid on time and the client benefits from a timely project.

When to use a construction payment schedule template

You’ll need to use a typical contractor payment schedule throughout the construction project, including these times:

Project Planning:

You’ll begin roughing out your construction payment schedule during the planning portion of the project. This is when you’ll identify suppliers, subcontractors, and more, and estimate the pay required to ensure the project flows smoothly.

Bidding Process:

Your new construction payment schedule will be one of the documents you submit with your bid. It tells clients their financial obligations throughout the project so that everyone is on the same page.

During Construction:

The construction payment schedule is a guiding document during construction. It tells general contractors and project managers where funds are needed and when. It also communicates to clients and other stakeholders when payments are due to the construction company or general contractor.

An accurate, up-to-date construction payment schedule helps you avoid late missed payments. It also communicates expectations to your client and tells subcontractors and suppliers that you’re committed to ensuring they’re paid accurately and on time.

Who should use a construction payment schedule template?

Construction payment schedules are essential documents for many different people during a construction project. Some of those who’ll need to use them include:

General Contractors:

General contractors will use a payment schedule for construction to plan their cash flow needs, plan how much each subcontractor is paid and when, determine how much to pay suppliers and at what intervals, and much more.

Subcontractors:

Subcontractors can use a construction payment schedule to ensure that they are paid on time and that they can pay their teams. It can also help ensure accurate expectations between general contractors/project managers, and the subcontractors working on the project.

Clients:

Clients need access to portions of the construction payment schedule to know how much they need to pay and when. The milestone payment schedule for construction should identify key milestones within the project and connect those with a portion of the project’s overall budget.

When used correctly, a construction payment schedule template helps keep cash flowing throughout a project, while reducing the chances that construction companies and subcontractors will be paid late or not paid at all.

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The top three pitfalls to avoid when planning construction payment schedules

Want to keep your project on track? Avoid these construction payment schedule mistakes:

  1. Not Planning a Schedule of Values

    A schedule of values (SOV) is a list of activities required to complete a project. Each item on the list should have a corresponding cost. Failing to include an SOV could mean not being paid enough to cover costs.

    Solution:

    Make planning a schedule of values a central part of your initial project planning and ensure that it’s included in your construction payment schedule Gantt chart template.

  2. Not Planning for One-Time Expenses

    In an ideal world, construction projects would go smoothly, and your cost estimates would be 100% accurate all the time. Unfortunately, unexpected things happen pretty often. One-time expenses crop up and failing to plan for them can leave you strapped for cash.

    Solution:

    Build in financial buffers for unexpected expenses and one-time costs and make sure to update your construction payment schedule for contractors for accuracy.

  3. Not Invoicing Clients Accurately

    While your construction payment schedule might spell out what payments are due and when you’ll still need to invoice your clients accurately in progress billing. Failure to invoice accurately can lead to miscommunication and late payments.

    Solution:

    Each invoice should include the billing date, relevant information about the milestone or reason for the payment, and more.

What does a construction payment schedule template include?

A general contractor payment schedule template is a crucial tool for your project planning and communication needs. It ensures that everyone’s on the same page about what’s due, when, and to whom. Some of the things a construction payment schedule Gantt chart template like Tom’s Planner lets you plan include:

  1. Suppliers:

    You’ll need to work with a broad range of suppliers during any construction project, from lumber companies to concrete companies, and everything in between. A construction payment schedule Gantt chart template lets you plan your monthly costs per supplier, incidental payments, account for one-time extra costs, and more.

  2. Subcontractors:

    From roofers to plumbers, the average construction project involves a significant number of subcontractors. An independent contractor payment schedule like Tom’s Planner helps ensure that you can plan payments for each subcontractor including their weekly schedule, extra costs for equipment, and other costs.

  3. Milestones:

    Tracking key milestones is essential, as pay should be released at specific points during the project. It’s unusual for full payment to be made upfront or made at the end of the project. Instead, funds are released at specific points in the project’s timeline.

A construction payment schedule Gantt chart template like Tom’s Planner helps ensure that you have the funds necessary to keep the project moving forward and reduce the risk of late or non-payments.

Four tips on how to make sure you reach your deadlines

1. Know Your Milestones

Construction deadlines hinge on steady cash flow. Payments should be released at key milestones, but if you don’t know those milestones and invoice your client appropriately, while also ensuring they’re expecting progress payments, your project will grind to a halt.

2. Involve Your Subcontractors

While you can likely estimate subcontractor fees, getting them involved early on will help ensure accurate invoicing and the steady flow of cash necessary to keep your project on track.

3. Communicate Effectively with Clients

Communication is one key to a timely project. Keep your client in the loop with a construction payment schedule, accurate invoices, progress reports, check-ins, and more.

4. Make It Easy to Pay On Time

Without cash, you can’t pay suppliers or subcontractors. Make it easy for your clients to pay by providing them with a payment schedule at the beginning of the project and then invoicing them at the stated intervals. Make sure your invoices are accurate and include all the information necessary for your client to make their payments on time.

Gantt charts in Tom's Planner vs in Excel

Excel Tom's Planner
Cost License required Free version available
Learning curve Hours Minutes
Create your first Gantt chart Hours Minutes
Making an update in your chart Several minutes Seconds (drag & drop)
Sharing charts with others At some point you will save and email a file titled: version_4_def_usethisversion_reallyfinal.xlsx Online, one source of truth, always up to date, with no confusion
Look & Feel Messy Clean, polished and professional
Dependencies
Filtering
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Automatic Legend
AI-assist Let our AI assist do the work for you
Export to image or pdf Requires workarounds to export One mouse click

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