In Australia and New Zealand, a payment schedule is a legal notice that is served on a claimant in response to a claim for payment. Construction businesses operating in Australia and New Zealand are creating payment schedules to facilitate the invoice approval process, as well as claims of work performed by subcontractors.
In a typical payment schedule workflow, subcontractors submit an invoice for work performed. The general contractor will review the invoice and either approve or reject the amounts that the subcontractor is claiming for work performed. When a payment schedule is created from the invoice, the amounts claimed, amounts approved and reasons for rejected amounts will be noted on the payment schedule form.