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If i rem correctly should be :

10% deposit upon signing of agreement.
40% upon commencement of works.
45% progressive payment.(Before commencement of carpentry work)
5% upon handing over the premise to the owner possession.
 

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My payment schedule is 10 (on signing), 50 (on commencement of works), 35 (on commencement of carpentry works at factory) and 5 (on completion). Is this fair or should I bargain for a better schedule?

 
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On completion shld be higher. Remember, 5% is nothing to lose for ID if they fail to complete their work in a proper manner. Lock their payment and they will definitely complete the work for you.

 

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Normally an ID margin is around 20%. If the work is expected to take 2 months, then split into 2 will be good. So final amount will be like 10%. If not, you can try 15% too. Like that, they get paid for first month work, and the balance for second month. This will be reasonable for all.

 

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