Progress payments?

[ranger521]

We are getting ready to renovate our 14 year old pool. I'm curious what other people have been able to negotiate for the payment schedule on their pool projects. What is typical for up front payments (at signing?) and various steps of the job? What is a typical holdback until completion of the punch list?
Thanks

 

[Davegvg]

1K down.

25% when the work starts

25% when the equipment gets installed.

30% when plaster goes on.

20% within 30 days of completion. This gives you a bit of time to find any issues and enough leverage to insure attention to them.

Insure your contractor agrees to a continuous work clause other wise they'll work 2-3 jobs at one time.

Dave

 

[PoolGuyNJ]

In Dave's post, I can see that for new construction. In a renovation, it depends on what is being done. For a concrete pool getting coping, tile, and plaster, I usually offer 1/3 at the contract, 1/3 after demolition, 1/3 at completion or 50/50 contract signing/completion.

Pad moves and equipment changes are time/materials based.

Scott