What document should detail when payments will be made during a project's duration?

The payment schedule is the correct document to detail when payments will be made during a project's duration. It clearly outlines the timing and conditions under which payments will be issued, helping to ensure that cash flow is managed effectively throughout the life of the project. Typically, this includes specifics on milestones or deliverables that trigger payments, as well as any advance payments or retainage that may apply.

This document is crucial for both contractors and clients, as it provides a clear understanding of financial expectations and helps to avoid disputes related to payment timing and amounts. A well-defined payment schedule contributes to the smooth operation of the project, as both parties can anticipate when funds will be exchanged.

In contrast, a contract schedule usually refers to the timeline of the overall project work and milestones but does not specifically address payment terms. Change orders pertain to modifications to the original contract, which may affect project scope, timing, or pricing but do not dictate payment schedules. Progress reports serve to update stakeholders on project status but again do not deal with financial particulars. Therefore, the payment schedule is the essential document for managing payment timelines throughout the project.