How to Set a Construction Schedule and Pay Schedule
By Matt Plaskoff
When setting up a payment and construction schedule, you should tie the payments to specific milestones. Ask your contractor to set their own schedule of milestones throughout the project with help from an expert building consultant in this free video series on home remodeling.View Transcript
Hi, Matt Plaskoff. I'm the founder and CEO of One Week Bath, and today we are going to talk about how to set up a payment and construction schedule. There are kind of two pieces to setting up a payment and a construction schedule, obviously, because one is payment and one is construction. But, they are tied together. The construction schedule is going to outline what's going to happen when essentially. And the payment schedule is going to outline when do the payments happen, which are tied to milestones in the construction schedule. So, it's ideal to have the payments tied to specific milestones, rather than paying a contractor on a weekly basis. No matter what's happening, it's better to pay them when they've hit certain agreed upon points in the construction, so that you know completion has happened and you all agree that it's finite. Now, setting up the construction schedule should start with the general contractor. They basically know how long things are going to take. And you should ask them to set their own schedule and build you a schedule. Whether it be a handwritten schedule or a schedule using a computer program, you are going to ask them to provide you with a schedule of milestones throughout the project, starting with demolition going to concrete, to framing and basic milestones that kind of tie to their payment program. Now, one thing to know about schedules is that, oftentimes, you are going to be off-schedule. And it's like an airplane flying a route. Sometimes they are off schedule, sometimes they are on schedule, they are...you end up in the same place, but you've got to be careful because it's unrealistic to expect that every day everything is going to happen exactly the way it's supposed to happen. The goal is to have a schedule where the finite end date is somewhere close to reality. I'm Matt Plaskoff, founder and CEO of One Week Bath, and we've been talking about payment and construction scheduling.
About the Expert
Matt Plaskoff founded Plaskoff Construction in 1988, a full-service remodeling and custom home building company, followed by founding One Week Bath in 2004. Plaskoff is a leading expert consultant to the building industry.
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