I used to discuss payment schedule at the very first meeting. This will really give one a good idea of where you may be at the end of the job.
"Oh, I do not pay down payments" - my response "SEE YA!"
I am not talking about AIA type jobs, but smaller jobs that a lot of electricians perform. These jobs can be from $500 - $20,000, and everything inbetween.
1. EVERY EC should have a real contract. Hire a good Construction Attorney to help you iron it out. Even if it costs up to $4000 or $5000 , it will be worth every penny. These contracts will last your company a long time, and if it needs tweeking, the cost is then minimal.
If an EC has no real contract, then expecting to get paid is just plain folly. It is easier and cheaper to stay home and dream.
The days of a handshake are really over, it is very rare that will work anymore.
I learned the hard way one job. I actually got to court to try and collect $10,000. When the judge finished with me, I felt smaller than an ant. He gave me advice - learn how to be a contractor or go back to work as an electrician - wow! that hurt.
Shortly after that, I went and got a contract. That did not help enough, as it had so many holes in it, that I could not hold back mist with it.
So, I hired a Construction Attorney. The best money I spent as an EC. I also learned a ton from him about keeping my money as well, and collection costs took a nose dive. I actually got some very nice jobs, as the customer thought I was so professional. Perception is very important as part of an EC's arsenal.
I also learned the more professional GCs and homeowners had more respect and confidence in a professional than a run of the mill electrician.
Sorry for the run-on, but this is a part of our culture that really needs attention.