What is the normal payment term for renovation?
My contractor's quotation states 45% upon confirmation, 45% progress, 10% upon completion and 6% GST
Reno Contractor Term : 45%+45%+10%+6%GST, Norm or Shady?
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 Sep 20 2017, 03:13 PM, updated 9y ago
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1,594 posts Joined: Aug 2017 
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Sep 22 2017, 08:29 AM
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#2
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QUOTE(cybpsych @ Sep 22 2017, 08:08 AM) there is no standard rules lah. it's negotiable between both parties lo. you cannot be too stingy until inhibiting the reno work, right? contractor also cannot be too strict until you cannot get the money on time, right?  imagine if the contractor runs way after taken 45%, then im fucked. |
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Sep 24 2017, 09:49 AM
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QUOTE(agewisdom @ Sep 24 2017, 07:36 AM) 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... Good articles, it says nobody should pay more than 25% deposit!https://www.kaodim.com/blog/2015/05/21/top-...takes-to-avoid/ https://www.recomn.com/blog/20-rules-hiring...ia/?hlid=4tM4U1 I already nego with my contractor that fellow insist at least 30%. |
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