Payment Terms

Status
Not open for further replies.
Re: Payment Terms

I also wouldn't want a full 1/3 to wait for trim. That would mean that they owe you more in money than you owe them in work.

In other words, they may find it more economical to never have you finish the job.
 
Re: Payment Terms

great thought's,,maybe i'll go,40%,40%,20%,,,
i just like to have some motavation to go back and do the finish,,i've allways hated hanging fixtures,,
 
Re: Payment Terms

Originally posted by j_erickson:
My proposals specifically state payment terms and for most cases state "payment due upon receipt of invoice".

My invoices have a block for terms which reads "Terms: due upon receipt."
Click to expand...
I do exactly the same. The work is done you have to pay. I give you the bill the money is due then. Why would I finance someone for 10, 20 , 0r 30 days?

Try saying bill me and I'll pay you "net 20" the next time you fill up with gas. Let me know how that works. :D
 
Re: Payment Terms

Originally posted by electricmanscott:



Try saying bill me and I'll pay you "net 20" the next time you fill up with gas. Let me know how that works. :D
Click to expand...
Surprisingly, I buy gas at a station who sends me the bill at the end of the month. Old school way like we did for years. Then about 10 - 15 years ago stations stopped doing this, but this owner recently offered me the service.
 
Re: Payment Terms

Better check with your local state as to the law on deposits. Here in Maryland you can only ask for 1/3 (33%) up front.After that do what ever pleases you and the customer. I am currently doing 1/3 up front, 1/3 at rough ( before inspection) and 1/3 upon completion( before final inspection). If you pull permits they can't have someone else complete the work.
 
Re: Payment Terms

Originally posted by luckyshadow:
If you pull permits they can't have someone else complete the work.
Click to expand...
They can fire you, fill out paper work with the county stating they fired you, wait 1 week, and have someone else finish. There is no way they would hold the homeowner hostage to you forever just because you pulled a permit. I can walk into any permit office and pull a permit, would that mean I would have to be the 1 to get the job?
 
Re: Payment Terms

True in the State of Md you would be basic screwed, even with a well written contract, and with a homeowner forget it.
The State of Va with a well written contract stating the scope of work the full price of the work and the payment break down. You would stand a better chance, you could at least get the customer's attention with a warrant and debt judgement, that would open the owner up for a lien against R.Estate. or a sheriffs sale of his personal property. Starting with the wifes wedding rings, helps hubby to write the check.

J.Lockard
 
Status
Not open for further replies.
Top