Payment Schedule Template

What is a Payment Schedule Template?

A Payment Schedule Template is a key document used to outline and track payment obligations to contractors, subcontractors, and suppliers during the lifecycle of a construction project. In the Australian construction industry, tools like a progress payment schedule template are essential for adhering to legislation such as the Security of Payment Act, which governs payment rights and timelines.

This payment schedule template excel ensures compliance with Australian payment regulations by clearly detailing scheduled payment dates, amounts, and conditions tied to project milestones or deliverables. By fostering transparency and alignment among all parties, a payment schedule template helps manage cash flow, maintain accountability, and avoid disputes—critical elements in construction project management.

How to Use the Progress Payment Schedule Template

This payment schedule template excel free is designed specifically for Australian construction projects to help you plan, manage, and track payments effectively. Follow these steps to maximise its utility:

1. Download & Customise: Download the progress payment schedule template and tailor it to your project’s specific details, including project name, payment terms, and any required branding.
2. Define Contract Milestones within Schedule of Values: Break down the project into work components or deliverables, and list milestones tied to payments, such as percentage completions, specific tasks, or agreed intervals. These milestones form the backbone of a reliable progress payment schedule template.
3. Track Payment Status (Specify Payment Amounts Certified and Claimed): Use the payment schedule template excel free to record the status of each payment, including amounts claimed, amounts certified, and whether payments are pending, certified, or paid.
4. Identify Reasons for Amount Withheld: Document any withheld amounts, along with clear explanations and conditions for their release, such as completion of specific work or defect rectification. The progress payment schedule template can help streamline this process.
5. Include Retention and Security Details: Record retention amounts withheld from payments and the conditions for their release, such as project completion or the end of the defect liability period. A clear payment schedule template ensures retention details are transparent and easy to track.
6. Review and Share: Share the payment schedule template with contractors, subcontractors, and other stakeholders to maintain transparency and alignment on payment timelines and amounts.
7. Update Regularly: Adjust the progress payment schedule template as the project progresses to reflect changes in milestones, timelines, or payment terms, ensuring it remains accurate and compliant with SOPA.

Payment Schedule Template Excel Free

If you’re managing payments for a construction project and need a structured approach, download our payment schedule template excel free. It includes:

• 1 x Payment Schedule Template Excel.

This customizable progress payment schedule template is available for download by filling out the form at the top of this page. It’s designed to help you streamline payment tracking, ensure timely payments, and maintain financial transparency throughout your project.