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 Reno Contractor Term : 45%+45%+10%+6%GST, Norm or Shady?

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SUSagewisdom
post Sep 24 2017, 07:36 AM

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QUOTE(sonypshomer @ Sep 20 2017, 03:13 PM)
What is the normal payment term for renovation?

My contractor's quotation states 45% upon confirmation, 45% progress, 10% upon completion and 6% GST
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For such a big renovation job, you'd be better off doing proper due-diligence. Payment terms don't really matter as much as compared to what is written below...

https://www.kaodim.com/blog/2015/05/21/top-...takes-to-avoid/
https://www.recomn.com/blog/20-rules-hiring...ia/?hlid=4tM4U1
SUSagewisdom
post Sep 24 2017, 11:30 AM

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QUOTE(sonypshomer @ Sep 24 2017, 09:49 AM)
Good articles, it says nobody should pay more than 25% deposit!

I already nego with my contractor that fellow insist at least 30%.
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The terms are important but what's more important is his workers and whether he's responsive.
Anyways, good luck with the major renovation and hope everything proceeds smoothly. smile.gif
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