Can this document be signed electronically?

Yes. Electronic signatures are legally enforceable under the federal ESIGN Act (15 U.S.C. ch. 96, 2000) and UETA where adopted, provided the parties consent and the record is retained in retrievable form.

When is notarization required?

Notarization is only required if the contract or state law specifically requires it for the document type or recording; some states require notarization to record related instruments, so confirm with local law or the project owner.

How do I correct a submitted payment schedule?

Execute an amendatory document or change order signed by authorized parties and reference the original contract number. Maintain both versions and an audit trail showing who authorized the change and when.

What happens if invoices are incomplete?

Incomplete invoices may be rejected, delayed, or subject to withholding. Specify required backup in the schedule to avoid disputes and document the rejection rationale in writing.

Who may sign on behalf of a company?

An authorized officer or agent may sign; ensure signatory authority is documented in a corporate resolution or power of attorney. Without evidence of authority, payments may be contested.

How long should I keep signed payment records?

Retain signed invoices and payment records per applicable standards: at least three years for IRS purposes (IRC §6501(a)), six years for HIPAA where applicable (45 CFR §164.530(j)), and longer where state law or contract requires it.

Electronic Signature
Templates
Finance
Financial Subcontract Price and Payment

Financial Subcontract Price and Payment

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

FINANCIAL SUBCONTRACT PRICE AND PAYMENT

This Financial Subcontract Price and Payment Agreement is made between the parties identified below for the work described herein. Contractor Name: Subcontractor Name:

Subcontract Number: Project Name: Effective Date:

PARTY CONTACT INFORMATION

Contractor

Subcontractor

CONTRACT PRICE & SCHEDULE OF VALUES

The Subcontract Price for performance of the Work described in the subcontract documents is the sum of the values set forth in the Schedule of Values below, subject to adjustments for approved change orders. All amounts are stated in lawful currency of payment.

Description	Quantity	Unit Rate	Amount

Subtotal:

Sales/Use Tax:

Retainage (%): Retainage Amount:

Total Contract Price:

PAYMENT TERMS

Payments to Subcontractor shall be made as described below. Unless otherwise stated, Contractor shall make progress payments based on invoices submitted by Subcontractor and the percentage of Work completed and approved. Payment Terms (days): Frequency:

Invoices: Subcontractor shall submit detailed invoices that reference the Subcontract Number and include progress breakdowns, retainage withheld, and any approved change orders. Invoice submission instructions:

Final Payment: Final payment, including release of retained amounts, shall occur after completion, acceptance of the Work, receipt of all required releases and affidavits, and resolution of any disputed items.

Late Payment: Amounts unpaid after the stated payment due date shall accrue interest at the rate of or the maximum rate permitted by law, whichever is less.

CHANGE ORDERS & ADJUSTMENTS

No adjustment to the Contract Price shall be effective without a written change order signed by Contractor. Change order authorization required: Yes

Adjustments for differing site conditions, acceleration, or delay will be handled by written change order establishing the adjustment to price and time.

TAXES, WITHHOLDING & LIENS

Subcontractor shall be solely responsible for all taxes, contributions, and withholdings required by law. If Contractor is required to withhold taxes or make payments on behalf of Subcontractor, Contractor may do so and shall provide written notice and calculation of such withholdings.

Subcontractor shall not permit any lien, claim, or encumbrance to remain outstanding on account of its performance. Subcontractor shall provide conditional and unconditional lien waivers as a condition to progress and final payments.

PAYMENT INSTRUCTIONS / BANKING

Bank or Payment Details

CERTIFICATIONS, REPRESENTATIONS AND WARRANTIES

Subcontractor certifies that it is properly licensed, insured, and authorized to perform the Work; that rates and amounts claimed are fair and reasonable; and that, to the best of Subcontractor's knowledge, no facts exist that would give rise to a claim or offset against payment. Subcontractor further certifies that invoices submitted under this Subcontract are true and complete statements of amounts due for the Work performed.

Warranty of Amounts: Subcontractor warrants that amounts billed do not include costs that are not properly allocable to the subcontract scope and that all subcontract labor and materials have been paid or will be paid from amounts received.

DISPUTE RESOLUTION & REMEDIES

In the event of payment dispute, the parties shall negotiate in good faith. Contractor may withhold disputed amounts pending resolution. Nothing herein limits Contractor's rights to setoff, to suspend payment for defective or nonconforming work, or to pursue any remedies available at law or equity.

NOTICES

Notices to Contractor:

Notices to Subcontractor:

MISCELLANEOUS

Governing Law: This Agreement shall be governed by the laws of the state of . Any provision held invalid shall be severable to the extent permitted by law.

Entire Agreement: This Financial Subcontract Price and Payment Agreement, together with incorporated references to the subcontract documents, constitutes the entire agreement between the parties with respect to price and payment.

Contractor:

By:

Date:

Subcontractor:

By:

Date:

What the Financial Subcontract Price and Payment document covers

The Financial Subcontract Price and Payment is a contractual schedule that records the agreed price for subcontracted work, itemizes deliverables, and establishes invoicing and payment mechanics between a prime contractor and a subcontractor. It typically defines unit prices, lump sums, progress payment milestones, retainage, timing for invoice submission, acceptable supporting documents, and conditions for final payment and reconciliation. The document clarifies responsibility for taxes, withholding, and change-order pricing so parties can manage cash flow, verify earned amounts, and reduce disputes during project execution.

Why a clear Price and Payment schedule matters

A precise Financial Subcontract Price and Payment reduces ambiguity about amounts owed, enforces agreed payment timing, protects lien and bonding rights, and provides a consistent basis for invoices, audits, and change‑order administration.

Who completes and relies on this document

The Financial Subcontract Price and Payment is completed by contracting parties and financial administrators to record pricing and payment terms.

Prime Contractor Accounting — Prepares price breakdowns and verifies subcontractor progress invoicing against project milestones and change orders.
Subcontractor Project Manager — Submits invoices, documents earned value, and tracks retainage to ensure timely release upon completion.
Owner or Construction Lender — Reviews payment schedules and retainage terms to protect project funds and compliance with financing conditions.

All listed parties use the document for invoicing, approvals, audits, and dispute resolution throughout the contract lifecycle.

Core elements to include in a professional Price and Payment schedule

A complete financial subcontract combines pricing, schedule, approvals, and reconciliation language so payments flow predictably and disputes are minimized.

Price Schedule

Detailed line items and unit prices for labor, materials, equipment, and allowances; supports precise invoicing and ties to project scopes and exhibits for verification.

Payment Terms

Defines when invoices are due, applicable payment windows (e.g., net 30), interest on late payments, retainage percentage, and conditions for partial releases of funds.

Retainage

Specifies retainage amount, how it is calculated, holdback release milestones, and any release triggers such as lien waivers or certified completion.

Progress Invoicing

Describes required backup (time sheets, delivery receipts, percent complete), invoice format, acceptable attachments, and approval routing for progress payments.

Change Orders

Sets rules for pricing changes, markup or overhead handling, required approvals, and timing for payment of approved change orders.

Final Accounting

Outlines final invoice submission, closeout documentation, reconciliation procedures, and conditions for release of final payment and retainage.

Required identifying and transaction fields

Contractor Name: Legal business name

Subcontractor Name: Legal business name

Contract Number: Project or PO identifier

Price Breakdown: Itemized amounts

Payment Schedule: Milestones and due dates

Bank Details: Payee account info

Step-by-step: completing the Price and Payment section

Follow these sequential tasks to prepare and execute the financial schedule accurately.

01

Prepare Document: Gather contract, POs, and scope exhibits for reference.
02

Confirm Pricing: Verify unit rates, allowances, and approved change orders.
03

Attach Backup: Include delivery receipts, timesheets, and vendor invoices.
04

Sign and Send: Obtain authorized signatures and deliver per routing rules.

Configuring an online approval workflow for payments

Set up workflow fields so invoices and approvals flow to the right reviewers and storage locations automatically.

Field	Configuration
Approval Order	Prime PM → Finance → Owner
Authentication	Email link or SMS code
Reminder Schedule	7 days and 3 days before due
File Routing	Auto-save to project folder

How electronic submission and approval typically works

A simple four-step flow supports secure eSubmission and preserves an audit trail for each payment request.

Upload Document: Sender uploads invoice and attachments.
Place Fields: Add signature, date, and approval fields.
Send to Signers: Distribute via email or secure link.
Archive Record: Signed package and audit trail stored.

Technical considerations for eSubmission and signatures

Choose a platform that supports required file formats, signer authentication, and secure storage for financial records.

Integrations: Salesforce, NetSuite, Microsoft 365
File Formats: PDF, DOCX, XLSX accepted
Authentication: Email link, SMS, or advanced options

Common payment and submission deadlines to include

Specify deadlines clearly in the schedule so invoices, retainage releases, and dispute notices meet contractual and legal timing.

Invoice Submission Window:

Submit invoices within 10 business days of milestone completion.

Progress Payment Due:

Payment due within 30 days of approved invoice.

Final Payment Deadline:

Final payment payable within 60 days after acceptance.

Retainage Release:

Release retainage 30–60 days after final acceptance.

Dispute Notice:

Provide notice of disputed items within 15 days.

Penalties and risks from inaccurate or missing payment terms

Late Payment Interest: Accruing interest charges

Lien Exposure: Subcontractor may claim lien

Contract Termination: Work stoppage or removal

Withholding: Owner may withhold funds

Tax Reporting Errors: Incorrect 1099 reporting

Bond Claims: Surety may be pursued

Common preparation pitfalls to avoid

Ambiguous line‑item descriptions that leave scope open to interpretation and trigger payment disagreements during inspections or audits.
Missing or inconsistent dates between milestones, invoices, and certificates that delay payment approval and complicate retainage calculations.
Failing to attach required backup such as delivery receipts, certified payroll, or vendor invoices, which can invalidate a progress payment request.
Not aligning payment terms with prime contract requirements or lender conditions, creating conflicts that delay release of funds.

eSignature platform pricing and compliance overview relevant to payment workflows

Compare basic starting costs, trial availability, bulk send capability, audit trail presence, and HIPAA support when choosing an eSignature provider for payment schedules.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	No	No	Yes, limited	Yes, limited
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Frequently asked questions about completing and using the Price and Payment schedule

Answers address legality, notarization, signature validity, disputes, revisions, and recordkeeping for Financial Subcontract Price and Payment documents.

Need help? Contact support

Can this document be signed electronically?
Yes. Electronic signatures are legally enforceable under the federal ESIGN Act (15 U.S.C. ch. 96, 2000) and UETA where adopted, provided the parties consent and the record is retained in retrievable form.
When is notarization required?
Notarization is only required if the contract or state law specifically requires it for the document type or recording; some states require notarization to record related instruments, so confirm with local law or the project owner.
How do I correct a submitted payment schedule?
Execute an amendatory document or change order signed by authorized parties and reference the original contract number. Maintain both versions and an audit trail showing who authorized the change and when.
What happens if invoices are incomplete?
Incomplete invoices may be rejected, delayed, or subject to withholding. Specify required backup in the schedule to avoid disputes and document the rejection rationale in writing.
Who may sign on behalf of a company?
An authorized officer or agent may sign; ensure signatory authority is documented in a corporate resolution or power of attorney. Without evidence of authority, payments may be contested.
How long should I keep signed payment records?
Retain signed invoices and payment records per applicable standards: at least three years for IRS purposes (IRC §6501(a)), six years for HIPAA where applicable (45 CFR §164.530(j)), and longer where state law or contract requires it.

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