Payment schedule

[Blueskies21]

Down to the last 2 bids on a vinyl pool; here's the two payment schedules.

What do y'all think?

Bidder 1 Payment Schedule:
10% deposit
20% at Permit Approved
25% at Excavation
20% at Wall Set
20% at Coping
5% at Liner

Bidder 2 Payment Schedule-
1/2 down due at order of pool kit.
1/4 due when walls are up, plumbed and backfilled with gravel.
Final 1/4 upon completion and pool is up and running.

 

[Newdude]

Pick the guy you can trust and it doesn't matter. I've seen oodles of PBs collecting payments here when the work wasn't satisfactory.

My guy's unfair payment schedule was non negotioable and take - it - or - leave - it, but when things went south, he told me to take all the time I needed and not to pay until I was satisfied.

 

[Blueskies21]

Pick the guy you can trust and it doesn't matter. I've seen oodles of PBs collecting payments here when the work wasn't satisfactory.

My guy's unfair payment schedule was non negotioable and take - it - or - leave - it, but when things went south, he told me to take all the time I needed and not to pay until I was satisfied.

Good advice.

When I posted them next to each other they're actually more similar than I realized.

Bidder 1 has 55% of the payment when the hole is dug, Bidder 2 has 50% initially (which is higher) but doesn't get another payment until the walls are set.

I think the cost of the kit is something like $25k. And 50% is roughly $35k so they both need at least $25k not to be floating the kit on their credit.

 

[ajw22]

I like …

Final 1/4 upon completion and pool is up and running.

With first guy you have paid 100% before any equipment is installed and running. You have no idea if you have problems and have no leverage with all the money paid. I would never get into that situation. You paid 100% for a hole in the ground.

 

[pjt]

I would recommend holding back the final 5% until all punch list items are complete to your satisfaction.