Schedule 2. Progress Payments
Stage
Percent Amount
Deposit payable on receipt of Certificate of Insurance under the Home Building Compensation scheme
5.00%
$.00
20.00%
$.00
Due on completion of concrete slab/brick foundation
25.00%
$.00
Due on erection of frame and roof trusses (no roof tiles laid)
20.00%
$.00
Due on completion of brickwork (no roof tiles laid)
Due on commencement of internal linings. (Note: Progress payment is due even though tiles may not be bedded and pointed Practical Completion (When the building works are complete except for minor omissions and defects that do not prevent the building works from being reasonably capable of being used for their usual purpose)
20.00%
$.00
10.00%
$.00
Total
100.00%
$.00
Note: • The total amount must be the same as the contract price . • Progress stages must be stated in clear and plain language.
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