In 2021 when we shopped we were still fighting some of the COVID Pool buying craziness sadly.
We sat down with 5 large reputable companies in our market, I specifically did NOT sit down with any smaller companies or "contractors" because of the horror stories you hear about and see. So many "Contractors" got into the pool business to make a quick buck during the low interest COVID craziness.
All the companies we met with had specific payment/draw schedules outlined, and all required an upfront deposit of 3-10%.
The next significant payment was due at ground breaking with all equipment onsite which was around 40 - 60% depending on company.
The next payment was at water fill which was 20 - 30% depending on company
Final Balance was due at completion of pool school
Because we were signing a contract a year out there was clearly some more risk (signing May 2021 for April/May 2022 install) which is why we went with large brick and mortar reputable builders in our market.
What my terms ended up being
I paid a 20% contract signing payment - this locked all my pricing to the 2021 rates, where all other options had varied pricing to current rates at time of install, so we paid 20k down a year early - I needed to TRUST my pool builder, and I did.
I then paid 40% more at the close of day 1 - completion of digging and site prep, day before shell delivery (equipment was all delivered on site already (heater, pumps, autocover, etc - so assets were here)
I then paid 30% more at the close water install and pump running.
I then paid remaining 10% about a week after pool school when the entire project was "complete"
Make sure you are comfortable and trust your pool builder based on market intelligence - not because he's a "nice guy".
Also, the "cheapest/best deal" or "I can install you sooner than anyone else" should be RED flags!
The company should be able to front the cost of your project, the draw schedule to align to cover there costs with the "profits" being earned mid draw/payment schedule.
We had a neighbor a few doors down get fleeced during the 2021/2022 boom because she was in a hurry and gullible. She got a HELOC, talked to builders, but didn't like the wait period. So she found a builder/contractor that said he could start in 2 months (first red flag to me), she got a contract and build plans, paid a deposit, then he asked for his next draw EARLIER than outlined in the contract (next red flag to me) and she paid it, then he set some equipment and dug the hole, and asked for his final payment before equipment delivery (another red flag), then he disappeared.... She spent $70k and got a sand filter, pump, basic plumbing, and a BIG Hole in her back yard.... She wont a lawsuit against the builder for $170k and she'll never see a dime because he was a fly by night LLC... She has since simply filled the hole in and moved on with life.