Application for Payment/Draw Schedule Clause Samples

The Application for Payment/Draw Schedule clause outlines the process by which a contractor requests payment for completed work during a project. Typically, this clause specifies the timing, required documentation, and approval procedures for submitting payment applications, often tied to project milestones or a pre-agreed schedule of values. By establishing a clear framework for payment requests, it ensures that funds are disbursed in accordance with actual progress, reducing disputes and providing financial predictability for both parties.