how does the renovation work? must we sign some papers first before it starts? cos my contractor never ask me sign anything nor pay anything up front. Is this beneficial for me or does this work against me?

thks

=)

i did sign on an agreed quotation which acts as a contract and paid 10% of the contract fee (total quote) after deciding to use the company. and paid another 40% upon work commencement.

i believe it works to protect my interest as there will be a agreed pricing which is signed by both parties. without that, the contractor can just say whatever price he wants at the end of the reno.

I agreed with wolflet. Having a contract sign with at bind your contractor to what was agreed i.e how much for each portion of the work, what material to be used etc.. It's a bit weird that your contractor didn't even ask you for a up front fee. I paid 10% before my contractor started work too. They need money to buy material too mah...

I think you should speak to your contractor about this. Unless, he is someone you know well i.e relative and you guys are based on mutual trust...

I agreed that signing a contract is beneficial to both parties. BUT I did get a quote with unfavorable payment terms for house owner. Is there a NORM payment terms or up to owner to negotiate?

Terms I got:

10% upon confirmation

40% upon commencement

40% upon completion of wetwork or measurement of carpentry work

10% upon handover of keys

I'm OK with 10% confirmation and 40% commencement BUT BUT the next 40% is scary! Imagine carpentry do until cannot make it or got flaws then with just 10% unpaid, I'm pretty screwed if contractor don't care to rectify!

Edited August 28, 201016 yr by fattyfatfat

I agreed that signing a contract is beneficial to both parties. BUT I did get a quote with unfavorable payment terms for house owner. Is there a NORM payment terms or up to owner to negotiate?

Terms I got:

10% upon confirmation

40% upon commencement

40% upon completion of wetwork or measurement of carpentry work

10% upon handover of keys

I'm OK with 10% confirmation and 40% commencement BUT BUT the next 40% is scary! Imagine carpentry do until cannot make it or got flaws then with just 10% unpaid, I'm pretty screwed if contractor don't care to rectify!

It the norm. But of course can always change, tell them u will not pay till the carpentry is installed. Put don't B&W if u don't really trust them.

For my case, only verbal, i paid up to 90% once work is almost 100% done, holding back the last 10% for minor touch up job.

how does the renovation work? must we sign some papers first before it starts? cos my contractor never ask me sign anything nor pay anything up front. Is this beneficial for me or does this work against me?

thks

=)

By right they'd wanna chase you to sign first so they can secure your business.

But in this case, maybe you should request to sign and check properly. Dun sign blindly, some things maybe taken out just so that you can pay some more hidden cost later.

like what Bro wolflet and andymion say better be safe bro.

I reno payment term are 40% once confirm, 30% when wet job are complete and 30% 7 working day after completion.

how does the renovation work? must we sign some papers first before it starts? cos my contractor never ask me sign anything nor pay anything up front. Is this beneficial for me or does this work against me?

thks

=)

Guess the contractor is yr uncle, or friend of.....so, eberything based on trust. In 1992, I did the similar, everything based on "mouth" - told him (mil's sister's husband) my budget, items to be done, everything turned up to be swee swee. I even helped him "polish" the floor, made the stove's base.....very fun.

Edited August 30, 201016 yr by bepgof