Renovation Schedule Of Payments

[DPSK 0]

I am shocked to see the terms and conditions of some of the renovations firms which require you to pay huge downpayment even before the job is done. Is this the standard across the industry?

I feel one should not pay huge lump sum even before the renovation job is done. As per CASE,

...

5) make progress payments and only after satisfactory completion of the job agreed upon

6) Never advance money to a contractor particularly in large amounts unless you are prepared to risk losing it

...

Home Renovation Model Agreement - CASE

Can anyone share which companies practice the above terms and conditions? If they dont, i will simply avoid these companies!

Curious did anyone make an agreement like the recommended model by CASE?

[lucia 0]

I am shocked to see the terms and conditions of some of the renovations firms which require you to pay huge downpayment even before the job is done. Is this the standard across the industry?

I feel one should not pay huge lump sum even before the renovation job is done. As per CASE,

Home Renovation Model Agreement - CASE

Can anyone share which companies practice the above terms and conditions? If they dont, i will simply avoid these companies!

Curious did anyone make an agreement like the recommended model by CASE?

most of the company out there dun follow. the market is about 15% upon sign up 35% on the day your job start 40% mid way and 10% at the end.

i think you will have a very hard time finding 1

[DPSK 0]

so thats the norm in the industry. customers have so much to risk and lose. then contractors have so much to gain. no wonder so many complains when the renovation works started. after paying lump sum, contractors go MIA and giving a lot of problems. why isnt the authority protect the consumers? i believe progressive payments would be more fairer

i heard of a comany like Hamid and Sons giving "contra" payment mode. im not sure how true it is but they they do the work first then pay later. obviously a satisfied customer will eventually pay his/her cost after a job well done

[kohnlee 0]

so thats the norm in the industry. customers have so much to risk and lose. then contractors have so much to gain. no wonder so many complains when the renovation works started. after paying lump sum, contractors go MIA and giving a lot of problems. why isnt the authority protect the consumers? i believe progressive payments would be more fairer

i heard of a comany like Hamid and Sons giving "contra" payment mode. im not sure how true it is but they they do the work first then pay later. obviously a satisfied customer will eventually pay his/her cost after a job well done

HI DPSK,

Yes its the norm to pay a 15% downpayment then progressive payment along the way and the last payment is when they hand the keys and house over back to you.

It really depends on individual, whether u prefer to pay more first or pay more at the final payment. I guess most people prefer to hold back more money at the end so that the contractor jolly well attend to all your needs otherwise the last payment which is more is within reach

The ID that I engage does have a slightly better last payment than the rest I've seen.

But my husband and I actually ask for our very own set of payment terms. Something that cannot find in the market one hahaha...What our ID did was, checked with boss, and once boss gives the green light everything went on smoothly.

So the idea is to ASK for it. ASK for whichever type of payment mode you prefer but of course not something that is too overboard that the company is not able to accept lar

Hope this helps.

[samdolmat 0]

so thats the norm in the industry. customers have so much to risk and lose. then contractors have so much to gain. no wonder so many complains when the renovation works started. after paying lump sum, contractors go MIA and giving a lot of problems. why isnt the authority protect the consumers? i believe progressive payments would be more fairer

i heard of a comany like Hamid and Sons giving "contra" payment mode. im not sure how true it is but they they do the work first then pay later. obviously a satisfied customer will eventually pay his/her cost after a job well done

what authority. the authority know how to take money only and dont really care about consumer wellbeing. only when there alot of complain, then they step in but too late many people burn their hard earned money oredi. in singapore as a consumer, you got very little rights. you can either go to CASE but u have PAY FIRST to be members... what a crap... all this are fu*king ****, only if you got money u can sue and wait for the outcome. ordinary folks like us... no money no talk... just suffer in silence.

[olufsen 0]

My Payment term was 10% upon confirmation, 40% upon commencement of works, 40% upon fabrication works, 10% upon completion.

But i negotiate with my contractor. 10% upon confirmation, 45% upon commencement of works, 20% upon fabrication works, 15% upon delivery of fabrication works, 10% upon completion after two weeks.

[DPSK 0]

@Samdolmat i understand your fustration. But this type of issue can be resolved easily without consumers suffering from irresponsible contractors. its not uncommon to make business on credit first. unlike you go to groceries where you pay a few dollars upfront and collect goods, this renovation involves tens thousands of dollars. as i said, consumers have a lot to lose and contractors have nothing to lose. they collected payments then consumers at risk?! its nothing to do with trust. its all about progessive payments upon jobs done. job satisfaction is another issue

@kohnlee thanks im making appointment with your ID

@olufsen i see thanks

guys anyway take note im not trying to change the industry standard but im just voicing my opinions

[Noob 0]

because there are ppl out there who are unreasonable who refused to pay when things are done and they just keep finding faults

one reason companies have to collect high percentage before completion is due to incase they meet such farkers they at least cover their costing and forgo the profit

[DPSK 0]

because there are ppl out there who are unreasonable who refused to pay when things are done and they just keep finding faults

one reason companies have to collect high percentage before completion is due to incase they meet such farkers they at least cover their costing and forgo the profit

are you talking on your experience?

how can someone refuse to pay if payments to be collected progressively? 40% downpayment upon start of renovation is completely unfair

Edited February 3, 2010 by DPSK

[panjang 0]

I came across some company which let you hold 5% for last payment

[Noob 0]

are you talking on your experience?

how can someone refuse to pay if payments to be collected progressively? 40% downpayment upon start of renovation is completely unfair

40% is unfair

high chance this company need $ to roll their RED account

[kohnlee 0]

@Samdolmat i understand your fustration. But this type of issue can be resolved easily without consumers suffering from irresponsible contractors. its not uncommon to make business on credit first. unlike you go to groceries where you pay a few dollars upfront and collect goods, this renovation involves tens thousands of dollars. as i said, consumers have a lot to lose and contractors have nothing to lose. they collected payments then consumers at risk?! its nothing to do with trust. its all about progessive payments upon jobs done. job satisfaction is another issue

@kohnlee thanks im making appointment with your ID

@olufsen i see thanks

guys anyway take note im not trying to change the industry standard but im just voicing my opinions

Oh good to hear that.

He is almost done with mine except touch up.

Our payment terms was spread out into 5 parts with additional work to be paid at the last payment upon completion.

But becos he had displayed good service throughout, we paid him the last payment even before he hand the house to us.

So after completion we will pay him the additional work done :?