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Construction Project Contract Payment Terms

Agreeing to the terms of payment is the most important part of a contract. Agree on the method of payment,a payment schedule based on deposit, progress, final payment, holdback, and lien period. Don’t be shy about discussing this, don’t put it aside, and make sure you communicate the terms clearly. Have a set of consequences for the customer if they do not hold up their end of the bargain. Getting paid on time is essential to positive cash flow. Getting the materials paid for up front or upon delivery ensures you can pay your account with your supplier or pay your credit card before you incur any interest. Legally, once the materials are on their property, they own it, and you can't go get it if they don’t pay. It’s not your responsibility to carry your customer, contractor or the developer. Don’t let them use your money to finance their project. If you have a project that extends beyond a few weeks, you should insist upon a progress payment. Measure this against a milestone in the building such as framing, lock up, rough in, half way through, or a set date.) Consider your payroll or loan payment dates and ensure you have cash flow to cover this. This will relieve stress from you and your bank account. Final payments and holdbacks can be tricky due to the fact you have lost all of your leverage. You have finished the job and the customer has the power. That's why, when discussing the terms of payment, you discuss work stoppages and liens. These are your best leverage and you should ensure your customer knows you will use them if they do not pay when agreed upon. Spelling out clear terms of payment as part of your contract with the client is key to a well run business. Talk about your terms face-to-face and agree to what you are both comfortable with and then follow up and put it in writing. Don’t rely on a handshake, you are a contractor, it’s best you have one to back it up. Do you have your payment terms clearly stated and in order? Want some help with the wording or presentation. Visit https://theneteffect.ca or email us at [email protected] if you need any help and we'd be happy to set aside some time for you.