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A draw schedule in a construction project is a timeline of when the builder will be paid for each phase of the project. Draw schedules usually have four to seven individual payments, and may include a deposit or down payment at the start of the project.

A draw schedule of five to seven payments is common for a new house. Most draw schedules link payments with milestones in the project, such as completion of the foundation and completion of the rough framing. Sometimes, the draws are more generally based on the percent complete of the total job.

A draw schedule in a construction project outlines when the builder will receive payments?also known as draws?throughout the building process. When a bank is financing the project, the draw schedule is an agreement between the bank, the builder, and the customer.

The withdrawal of business cash or other assets by the owner for the personal use of the owner. Withdrawals of cash by the owner are recorded with a debit to the owner's drawing account and a credit to the cash account.

Payroll Draw Definition An employee is advanced a set amount of money as a paycheck at the start of a pay period. At the end of the pay period or sales period, depending on the agreement, the draw is deducted from the employee's commission.

A draw request is an aggregation of invoices, receipts, budgets, change orders and lien releases. The developer or general contractor is responsible for collecting all of the documents from contractors and suppliers.

6 Steps to Creating the Perfect Draw Schedule Step 1: Have a solid, detailed project budget.Step 2: Divide your budget into milestones.Step 3: Simplify your draw schedule.Step 4: Decide how many draws you need.Step 5: Make the draw amounts as uniform as possible.