How Are Staggered Payments Like For Id/renovation Contractor

[HanTu 0]

Hello,

Can I ask what is the usual/industry practice of paying ID and renovation contractors? Are they something like..40% down payment at the start, 40% upon completion of something, 20% upon completion..

What is the industry norm?

I'm sorry if this question was asked repeatedly. If this happens, just provide me the link will do.

[claypot 46]

Don't think there's a norm. Mine was 15% as deposit to get 3D drawings & for the ID to start doing scheduling with the sub-contractors, 40% at the start of the work, 40% before fabrication of carpentry, and 5% for completion (after defect rectification).

negotiate with your ID first, if you don't like the payment scheme, then choose another ID .

[HanTu 0]

Thanks man. I talked to several people. Most are saying something like:

10-40-40-10

10-40-45-5

15-40-40-5

But the time of payments are similar.

-Deposit

-Before the start of work

-Before fabrication of carpentry

-Handover