Construction Payment Agreement Template for Australia

1. Early Payment Discounts: Terms for early payment incentives, applicable when parties agree to encourage prompt payment

2. Third-Party Payments: Procedures for handling payments to nominated subcontractors or suppliers, if relevant

3. International Payments: Additional provisions for international payment arrangements, required for overseas parties

4. Payment Auditing: Requirements for payment auditing and verification, useful for large or complex projects

5. Performance-Based Payments: Linking payments to performance metrics, applicable for projects with specific performance requirements

6. Set-off Rights: Provisions for set-off against other amounts owing between parties, if agreed

7. Financial Reporting: Requirements for financial reporting and transparency, relevant for large projects or public sector work

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts, milestones, and timing

2. Schedule 2 - Payment Claim Form: Template form for submitting payment claims with required information

3. Schedule 3 - Security Details: Specifics of security arrangements, including bank guarantee requirements

4. Schedule 4 - Key Personnel: List of authorized persons for payment approval and administration

5. Schedule 5 - Rate Schedule: Agreed rates for variations or additional work

6. Appendix A - Supporting Documents: List of required supporting documentation for payment claims

7. Appendix B - Payment Flowchart: Visual representation of the payment claim and assessment process