Payments

[m4tty]

Hi,

When running your businesses how do arrange payments? On small jobs it must be payment on completion do you do staged payments for bigger jobs and how big would it have to be before you asked for staged payments?

Any info or advice would be welcomed.

Thanks

PS i mean for mainly domestic but would be intertested how it differed to commercial/industrial.

Cheers

 

[Lee321]

if private matt then has to be materials up front and pay on completion

when doing it for builders/other businesses then they will try there "standard" payment terms which is down to you to haggle i.e 14,10,60,90 days

at the end of the day if they want you to do the work and there payment terms are unacceptable then a deal can be struck no matter how big they are.

i get 14days from ABB,Wilmott Dixon Construction

 

[green-hornet]

Its all down to your personal preferences and your clients.

Domestic work it would always be a good idea to get at least the cost of materials up front, payment in full on completion.

For larger works, you normally are tied to a contract, and many times the clients will offer interim payments at regular intervals, but this would also include 25% being kept back from final payment, to cover any snagging and other completions.

The period can range from 30 days after completion to 4 or even 6 months before the final payment is made.

 

[Andy™]

for most domestic stuff, its payment on completion, or part payment during job if its a large job, or split first & second fix

for commercial, some pay on completion, otherwise 7 days unless prior arrangement