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We are using a contractor for labor only to install our new kitchen and bath (except for countertops). As part of the terms, he wants 30% of the total cost up front. This seems a little stiff to me and our local consumer affairs office recommends 15%. The contractor says he has to pay the electrician and plumber early in the game as they will be doing their work immediately after demolition.
Of course, the contractor is allowing me to withhold the final 40% until the job is finished, which seems completely fair to me. I would appreciate some advice on what terms are acceptable. Thanks.
yeah - holding that 40% as retention until total job completion seems to be a pretty large amount .... may be an offset for what they think is a larger up front charge
does this look to be a long job?
On the sum I think those are terms I could live with
Generous indeed, providing the guy shows up at all after his draw. Sorry, that doesn't wash with me. I usually tell my students that can't afford to carry a job that they should make arrangements with the H/O that they pay the subs directly and take it out of their draw once work has been completed. This covers everybody. NEVER pay a dime up front unless you can afford to lose it. In my opinion, you need to find someone with enough experience and capital behind them to turn the job. This is a screwing waiting to happen.
Review subs work on Friday afternoon and pay their bill.
Holding 40% is just silly. There isn't 40% in the job, so you are asking for work to be done for free.
That doesn't benefit anyone.
Some of this comes down to how well you know the contractor, how good is their reputation, how long have they been in business, how big is their operation?
There is some 'it depends' to this. Go with reasonable, and trust your gut. We've all been screwed, and we've all been pleasantly surprised.
Why in the world any one need general contractor for kitchen remodeling. Just find guy like me for 30$/hour and he will say whom you should call (electrician etc). Warning if you answer my comment like another contractor please post a picture of kitchen what you build otherwise I will not read.
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