A payment schedule is a type of a schedule in which dates or a timetable is set, according to which various payments are made to a contractor. A payment schedule is a way to keep track of the dates when the payment is required to be made by one party to another. We can say it without a doubt that the payment schedule is one of the best tools to keep track of the payments. However, one has to follow various steps in order to make a payment schedule, such as, to determine the number of weeks in which payments are to be made. If you are paying to more than one party then your payment schedule must priorities your payments according to their urgency.
You can use a payment schedule personally or in your business dealings. Without a doubt a payment schedule makes your payment process less hectic and lets you make your payments in snippets rather than making them frantically all at once. A well written payment schedule should cover the following point. You payment schedule should list the frequency of payments. It should be drafted according to your convenience, depending upon whether it is comfortable for you to make your pavements weekly, monthly or annually. The payment schedule should point the day when the payment is to be made after equal interval of time. The best payment schedule is the one, which adjust the payment on the business days, if the payment date does not come on the business day, you must use date rolling element. Date of the first and the last payment should be mentioned in the payment schedule.