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The Water Cooler
General Discussion
???? for lawyers LEO's and anybody with any contracting experience or law knowledge
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<blockquote data-quote="Jefpainthorse" data-source="post: 1814732" data-attributes="member: 11766"><p>Actually... any contractor worth his salt will ask for a payment plan set up on "draws"... a precentage up front...payments at defined points during the course of the work (foundation finished, roof on, etc) ... there is usually a hold back of funds in the contract that is only paid when the work is inspected, touched up and declared "finished" on the part of the owner.</p><p></p><p>That final draw needs to be enough to hurt the contractor if he doesnt make good. I've seen 20-25% held back for last draw... that represents the "profit" and a lot of the materials that are still outsanding on the contractors books- I dont know many reputable small contrators who can take a hit like that...good ones deliver.</p><p></p><p>Lot's of fly by nighters wont do this... look for a bonded, insured contractor and ask to contact his customers. Your "brother in laws" buddy", and "my son's pal from high school" have burned a lot of small job buyers over the years simply because they sound "cheaper" than a real contractor.</p></blockquote><p></p>
[QUOTE="Jefpainthorse, post: 1814732, member: 11766"] Actually... any contractor worth his salt will ask for a payment plan set up on "draws"... a precentage up front...payments at defined points during the course of the work (foundation finished, roof on, etc) ... there is usually a hold back of funds in the contract that is only paid when the work is inspected, touched up and declared "finished" on the part of the owner. That final draw needs to be enough to hurt the contractor if he doesnt make good. I've seen 20-25% held back for last draw... that represents the "profit" and a lot of the materials that are still outsanding on the contractors books- I dont know many reputable small contrators who can take a hit like that...good ones deliver. Lot's of fly by nighters wont do this... look for a bonded, insured contractor and ask to contact his customers. Your "brother in laws" buddy", and "my son's pal from high school" have burned a lot of small job buyers over the years simply because they sound "cheaper" than a real contractor. [/QUOTE]
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