tenant space payment terms

[boltneck]

how are the payment terms usually spelled out in a bid for a basic retail store tenant space?

I have did a few for existing customers and usually requested 20% at contract signing, (if there is a fixture packe to be ordered), 50% at an inspection point, (like wall or ceiling close) and the remaining 30% at final.

These jobs usually move really fast and are done sometimes in just a week

I have bid quite a few for out of town or state contractors and never have heard anything back

Is asking for a pecentage at signing limiting my chances of landing these projects?

 

[bradleyelectric]

yes. For a week long tenant space we don't usually expect payment during the job. 30 days is typical. We set up job accounts with vendors for these.

 

[fridaymean]

It is rare that you will get a down payment on projects like this. Often times, we are not paid until 60 days from invoice date. Invoices are based on % completion.

 

[boltneck]

thanks for the replys