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Home Improvement, Design, and Decorating
Reply to "Contractor Payment Schedule -- Would love BTDT advice"
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[quote=Anonymous]Hi -- We are undertaking a renovation of our kitchen and are working with a GC. I just received his contract and the payment is broken down into 5 payments. Having never done this before, I wasn't sure if the milestones seemed reasonable. approx. 20% paid at start of job approx. 23% paid when all rough ins are complete approx. 24% paid after drywall in approx 22% paid after cabinets are installed slightly under 10% paid when job is complete Honestly, I'd really like to hold more until the job is complete as insurance. I've never worked with this contractor before although my kitchen designer has. If he walks away after the cabinets are installed, I only have 10% as recourse. I'd really prefer to pay 75% along the way and hold 25% until the end. Does that seem reasonable. Would love advice from anyone who has already been through this. Thanks![/quote]
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