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Construction Draw Schedule Sample Free Forms PopularPricing Learning Center Popular Topics Coronavirus Help Center for Contractors Mechanics Lien Preliminary Notice Lien Waivers Pay Applications Change Orders View All Retainage Prompt Payment Construction Contracts Joint Checks Back Charges Pay When Paid Lien Waivers Mechanics Lien Preliminary Notice See All Topics Construction Payment Articles Free Forms Popular Articles 2020 Report: Construction Suffers From Wasted Time Slow Payment The Ultimate Guide to Retainage in the Construction Industry The Ultimate Guide to Lien Waivers in Construction How to File a Mechanics Lien Step by Step Guide Ultimate Guide to Preliminary Notices View All Free Forms Choose your state: Choose Your State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Jersey New Mexico New York New Hampshire North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas US Virgin Islands Utah Vermont Virginia Washington DC Washington West Virginia Wisconsin Wyoming Login Search Request a Call SEARCH Home Construction Draw Schedule Template Construction Draw Schedule Template Download your Construction Draw Schedule Template About Construction Draw Schedule Template Construction accounting works differently than accounting does in other industries. With only-in-construction items like the Schedule of Values, the practice of accounting in the construction industry can be quite a bit more challenging. In order to help, weve created this free Schedule of Values Excel template that you can use on your own projects and jobs. Construction Draw Schedule Sample Download The TemplateSimply fill out the information here to download the template. The rest is up to you Skip the hassle of sending payment documents yourself. Terms of Use Privacy Policy Security Policy We use cookies to give you the best experience on our website. Customers sometimes can nickel and dime an activity, such as framing, to the point where having it done can take many extra days. When it came time to sign the contracts, there was only one remaining concern: how the money should be paid. She wanted to control the draws completely and be sure we werent ahead in payments vs. Working out that schedule took nearly as much negotiating as the rest of the agreement. And receiving that last check, even though its for a relatively minor amount, can be the most difficult part of the entire project. Theres no more emotional aspect in remodeling than the fear generated over paying the money, says Bawden, owner of Legal Eagle Contractors Inc., in Houston. And thats true of both sides--Im worried about being paid so I can maintain my cash flow, and the client is worried about paying too much too soon and losing control. At the same time, he ensures that he receives the payments he needs so he can complete the job and keep his suppliers happy. The key comes in knowing the pros and cons of each for both the remodeler and customer and being able to offer options that meet the clients personality traits and comfort level. Some clients prefer this method because it smoothes out payments and ensures that they know how much is due when. There are no questions about when payments are due, and there is enough being paid early on to buy required products. Customers usually understand that you have to buy materials right away, so they dont argue about the larger initial payments. You can work out a five-week schedule if all goes well, he says. But something always comes up or the customer adds more to the project, and a five-week project has a seven-week schedule. Owners may withhold 150 percent of labor cost (at 60 per hour) required to complete any remaining touchups. Few require such a regular and equal payment process and are willing to give up the control over activity-based payments to achieve it. Some customers are concerned at the beginning about having enough money at the right times, and theyre concerned about the process, Bawden says. This approach offers them a thin veil of comfort on those concerns. For instance, at the point when drywall work begins, 75 percent of the project payments should be received. The remodeler knows where he is at this stage of construction, how much is done and how much is left, Bawden says, and it marks a clear point for both sides. Customers appreciate this, because it implies that work must have been accomplished before more money is paid out, giving them more control and assuring them the contractor will continue working on the project. If there are delays, it can hold up payments that are needed to pay for already ordered products, he says. You have to have it adjusted far enough to your advantage to ensure that a slowdown in some activity doesnt slow the payments that will put you behind in your own cash flow. For more on cash flow, see Cash is the Gas, MayJune 1998, page 62.). Always tie payments to the beginning of the next activity rather than completion of the previous one, he says.
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