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Select A Contractor And Have A Complete Contract With Equitable Payment Terms
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It’s now happy time since you are through the process and getting very close to starting your project. You, like your contractor, feels that everything is going great. Don’t lose focus as this is a critical phase in the process and a seemingly small thing such as the payment schedule can alter your project in many ways.
Money is your power, your direct ability to influence the flow and outcome of your project. Money is leverage and should be used as such. A payment schedule that is not lopsided toward the contractor or the homeowner should be the goal. Payments made “upon completion of” are a great way to apply leverage to the contractor while also assuring performance. The amounts are always variable but seeing work completed and then releasing monies is the way to ensure performance.
The landmark payment schedule also ensures you as the homeowner that if something happens to the contractor or if he doesn’t show up, whatever….you will have funds available to hire someone new. Scrutinize your contract payment terms and don’t be afraid to speak up, a contractor knows that he doesn’t have a deal yet and he is very malleable and amenable to these types of negotiations as he doesn’t want to lose the deal.
Complete project with a contractors support and assistance
You’re almost to the finish line! There are just a few more details of concern. Have all the inspections been done? Do you have the inspection approval receipts from the building department inspector? A great practice is to make your final payment conditional upon receiving a certificate of occupancy (a.k.a a C of O). Getting the C of O for your project ensures that the building permit process has been completed.
Another concern would be proof that your contractor paid all the subcontractors that worked on your job. You could ask for a release of lien from each subcontractor, assuming you knew who they were. Even though you paid the general contractor and received the C of O, the subcontractors have the legal right to place a lien on your property due to lack of payment by the GC. It’s very rare that this occurs, but still a point of note.
Contact True Restorations today to get the renovations you’ve always dreamed of! Call 631-757-0212 or email us at firstname.lastname@example.org for fast, friendly, and professional service!
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