Fulthrotl
~Autocorrect is My Worst Enema.~
- Occupation
- E
i'm running into language presented in contracts that goes like this:
i get progress payments based on my payroll hours submitted by
certified payroll, and the direct expenses (material) spent on the
job.
they pay 90% of submitted and approved charges.
no money up front at signing. zip. :blink:
final 10% w/n 14 days of certificate of occupancy.
no payments made with any funds other than owners
disbursements.
how common is this with the contracts you guys get presented?
what i've always seen is percentages at milestones.
20% at signing.
20% at underground
20% at rough walls
10% at fixtures hung
10% at trim out
10% at final inspection
10% at as builts furnished (retention)
the percentages and breakpoints can get moved to suit the job,
this is just an example.
in a 3 month, $50k electrical, you could be awful deep into it before
finding you have a problem.
there's some language in there as well about 72 hour of notice termination,
with corrective action to be solely borne by subcontractor, including contractors
profit. i'll look at that if i can resolve the payment issues, but at this point,
looking at the money first is important.
so what is appropriate and fair, based on your experience...?
thanks for taking the time to reply.
randy
i get progress payments based on my payroll hours submitted by
certified payroll, and the direct expenses (material) spent on the
job.
they pay 90% of submitted and approved charges.
no money up front at signing. zip. :blink:
final 10% w/n 14 days of certificate of occupancy.
no payments made with any funds other than owners
disbursements.
how common is this with the contracts you guys get presented?
what i've always seen is percentages at milestones.
20% at signing.
20% at underground
20% at rough walls
10% at fixtures hung
10% at trim out
10% at final inspection
10% at as builts furnished (retention)
the percentages and breakpoints can get moved to suit the job,
this is just an example.
in a 3 month, $50k electrical, you could be awful deep into it before
finding you have a problem.
there's some language in there as well about 72 hour of notice termination,
with corrective action to be solely borne by subcontractor, including contractors
profit. i'll look at that if i can resolve the payment issues, but at this point,
looking at the money first is important.
so what is appropriate and fair, based on your experience...?
thanks for taking the time to reply.
randy