Glossary
What is payment schedule?
A payment schedule is the written reply to a payment claim saying how much will be paid and why any amount is held back.
It must be given within the time set by the state's Act. If it isn't, the claimant may be able to recover the full claimed amount.
Example
A builder replies to a $10,000 claim with a schedule saying $7,000 will be paid because some work is defective.
In Australia
Response times differ by state, so check the Act that applies.
General information only, not legal or financial advice.