Renovation Payment Terms

[cyprusblade 0]

Just wanted to know what are considered reasonable payment terms for renovation.

Our contractor wanted:

40%: Before work commencement

50%: Mid-way

10%: Upon completion

Is this reasonable? TIA.

[ahberden 0]

Just wanted to know what are considered reasonable payment terms for renovation.

Our contractor wanted:

40%: Before work commencement

50%: Mid-way

10%: Upon completion

Is this reasonable? TIA.

These terms look very familiar...

Are you considering the same ID as the one i have engaged?

If yes, its the same throughout for the whole ID company.

And not to worry, they won't run away... at least for this ID...

[cyprusblade 0]

These terms look very familiar...

Are you considering the same ID as the one i have engaged?

If yes, its the same throughout for the whole ID company.

And not to worry, they won't run away... at least for this ID...

Nope my contractor is a different company (Design 25). I was just wondering what is the norm.

Edited December 19, 2007 by cyprusblade

[raincole 0]

Mine was the similar as yours except we had a deposit factor but we discussed and agreed on

10% - deposit

40% - prework (ordering of tile, etc)

30% - completion of tiling -> from 40%

20% - completion of reno -> from 10%