The act of paying with agreed terms. Most states have laws concerning payment schedules for home improvements. Usually 1/3 down when work is started- 1/3 more when work is half done and the final payment upon completion.
A schedule of payments, usually included in the contract, that describes at what point(s) the customer will pay the contractor. May include a deposit, periodic payments for materials, work performed, and of course a final payment.
Glossary-P The method for disclosing your payment schedule varies by loan type. For fixed-rate loans, the payment schedule indicates what your required monthly payment will be throughout the life of your loan. The payment schedule for VA, FHA, one-time MIP and uninsured conventional loans should also indicate a fixed monthly payment. The payment schedule for fixed-rate insured loans may gradually decrease over time due to a declining insurance premium. For adjustable rate loans, the payment schedules will vary by loan type and are based on conservative assumptions of future interest rates.
This information on the Truth in Lending Disclosure Statement shows the amount of the first loan payment, the amount and number of the regularly scheduled payments (usually monthly), the amount of the final payment, and when all those payments are due. The actual payment due may be greater for a number of reasons, including taxes and insurance. If the loan has an "adjustable rate," the actual payments will differ from the payment schedule.
A pre-agreed upon schedule of payments to a contractor usually based upon the amount of work completed. Such a schedule may include a deposit prior to the start of work. There may also be a temporary 'retainer' (5-10% of the total cost of the job) at the end of the contract for correcting any small items which have not been completed or repaired.
Details when payment is due to your contractor and how much you will pay him. For example, payment milestones may be at the first of each month, or based upon the amount of work the contractor has completed. Often, the payment schedule will include a deposit upon signing the contract. The payment schedule, payment milestones and deposit should all be written into your contract.
A schedule detailing the amount and due date of payments required to be paid over the life of the loan. The dollar figures represent principal, interest and private mortgage insurance (if applicable). This schedule does not reflect payment for taxes and insurance.
A pre-agreed upon schedule of payments to a contractor usually based upon the amount of work completed. Such a schedule may include a deposit prior to the start of work. Payments are often scheduled for the beginning of the month and allow the contractor to subcontractors and suppliers by the 10th of the month. There may also be a temporary 'holdout' at the end of the contract for any small items which have not been completed.