Who needs a HUD-51000 form?
This form is used by the US Department of Housing and Urban Development. The form indicates the amount of contract payments to the contractor according to the construction contract. This form is completed by the contractor for a specific contractor project.
What is the purpose of the form HUD-51000?
The Schedule of Amounts for Contract Payments provides the information about the project, contract and the detailed summary on payments and materials that were used for a construction project. This information certifies that all the payments were done in accordance with HUD requirements.
What documents must accompany the HUD-51000 form?
There is no need to accompany the form with any other documents. However, there is a rule that information provided in the “Item Number” and “Description of Item” sections must correspond to the appropriate data provided on the Periodic Estimate for Partial Payment.
How long does it take to fill the form HUD-51000 out?
The estimated time for completing the form is one hour. The schedule must be completed before the project is completed.
What information should be provided in the HUD-51000?
The contractor must add the following information:
- Project name and location
- Name, address of the contractor
- Nature of contract
- Contract number
- The person who approved the schedule and date of approval (for the contractor, architect, and the owner)
- Description of the materials, quantity, price for one item
- The total amount of contract
The Schedule of Amounts for Contract Payments must be signed by the authorized representative of the contractor and dated.
What do I do with the form after its completion?
The signed schedule is forwarded to the nearest HUD office. When the schedule is approved, the copy is returned to the contractor.