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217 Posts
Prolly shoulda just stuck this is my draw setup thread... but, how do you all word deposits and/or draws? Mine normally just says
"X down to insure scheduling and materials"
"X down to insure scheduling and materials"
Contract wording
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2,451 Posts
"TERMS ARE AS FOLLOWS:
A deposit of 10% is required to schedule all work. A payment of 30% is due when we start the job and the materials are brought to the site. The balance is due at time of substantial completion and after the homeowner is 100% satisfied in the completed work."
A deposit of 10% is required to schedule all work. A payment of 30% is due when we start the job and the materials are brought to the site. The balance is due at time of substantial completion and after the homeowner is 100% satisfied in the completed work."
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6,466 Posts
PAYMENT SCHEDULE: A DEPOSIT OF 1/3 TOTAL PRICE DUE UPON SIGNING OF AGREEMENT: $
A DRAW AGAINST REMAINING BALANCE (NOT TO EXCEED 1/3 OF TOTAL PRICE) DUE AFTER 7 WORKING DAYS: $
REMAINING BALANCE DUE BY THE END OF BUSINESS ON THE DAY OF COMPLETION: $
LEGAL NOTICE: UNLESS OTHERWISE AGREED TO IN WRITING PRIOR TO START UP OF WORK: PAYMENTS RECEIVED LATER THAN 48 HOURS FROM COMPLETION OR STOPPED WORK DATE TO BE CHARGED A $50.00 LATE FEE, AND ADDED TO BALANCE DUE. ALL BALANCES DUE, AFTER THIRTY (30) DAYS TO BE LEVIED A SERVICE CHARGE OF 1.5% PER MONTH AND ADDED TO BALANCE TOTAL. PLEASE PAY PROMPTLY. WE ADHERE TO MISSOURI LIEN LAW STATUTES AND PROCEDURES. THE UNDERSIGNED AGREE THAT EXCLUSIVE VENUE AND JURISDICTION OF ANY ACTION SHALL BE St. Louis County, Missouri. THE UNDERSIGNED WILL BE RESPONSIBLE FOR THE COSTS OF COLLECTION OF ANY UNPAID BALANCE, INCLUDING A REASONABLE ATTORNEYS FEE.
DISCLAIMER NOTICE: WORK TO BE DONE AS SPECIFIED, IN A PROFESSIONAL MANNER, TO NORMALLY ACCEPTED INDUSTRY STANDARDS. NOT RESPONSIBLE FOR ACTS OF GOD, UNAVAILABLE MATERIALS, WORK STOPPAGES, RIOTS, MISCHIEF, OR THEFTS; WHICH ARE OUTSIDE OF THE CONTRACTORS CONTROL. MOLD/FUNGUS IS A NATURALLY OCCURING ORGANISM THAT I AS A CONTRACTOR HAVE NO CONTROL OVER; THE CONTRACTOR WILL NOT BE LIABLE FOR RECURRENCE/GROWTH OF ANY FORM OR TYPE OF MOLD/FUNGI.
A DRAW AGAINST REMAINING BALANCE (NOT TO EXCEED 1/3 OF TOTAL PRICE) DUE AFTER 7 WORKING DAYS: $
REMAINING BALANCE DUE BY THE END OF BUSINESS ON THE DAY OF COMPLETION: $
LEGAL NOTICE: UNLESS OTHERWISE AGREED TO IN WRITING PRIOR TO START UP OF WORK: PAYMENTS RECEIVED LATER THAN 48 HOURS FROM COMPLETION OR STOPPED WORK DATE TO BE CHARGED A $50.00 LATE FEE, AND ADDED TO BALANCE DUE. ALL BALANCES DUE, AFTER THIRTY (30) DAYS TO BE LEVIED A SERVICE CHARGE OF 1.5% PER MONTH AND ADDED TO BALANCE TOTAL. PLEASE PAY PROMPTLY. WE ADHERE TO MISSOURI LIEN LAW STATUTES AND PROCEDURES. THE UNDERSIGNED AGREE THAT EXCLUSIVE VENUE AND JURISDICTION OF ANY ACTION SHALL BE St. Louis County, Missouri. THE UNDERSIGNED WILL BE RESPONSIBLE FOR THE COSTS OF COLLECTION OF ANY UNPAID BALANCE, INCLUDING A REASONABLE ATTORNEYS FEE.
DISCLAIMER NOTICE: WORK TO BE DONE AS SPECIFIED, IN A PROFESSIONAL MANNER, TO NORMALLY ACCEPTED INDUSTRY STANDARDS. NOT RESPONSIBLE FOR ACTS OF GOD, UNAVAILABLE MATERIALS, WORK STOPPAGES, RIOTS, MISCHIEF, OR THEFTS; WHICH ARE OUTSIDE OF THE CONTRACTORS CONTROL. MOLD/FUNGUS IS A NATURALLY OCCURING ORGANISM THAT I AS A CONTRACTOR HAVE NO CONTROL OVER; THE CONTRACTOR WILL NOT BE LIABLE FOR RECURRENCE/GROWTH OF ANY FORM OR TYPE OF MOLD/FUNGI.
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17,886 Posts
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17,886 Posts
LOL it is alright i guess i was easily excited.
Is your drawing schedule unusual? Or is he just not used to 2-3 draws?
Is your drawing schedule unusual? Or is he just not used to 2-3 draws?
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2,333 Posts
i require 1/3 to start.
I ask to get paid of friday for work done that week if the job is longer than a week. I do so many small jobs (under $1000) I usually say pay me when I'm done. For GC's I try to conform to their pay schedule if they have one in place otherwise its friday.
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463 Posts
ProWallGuy, I was wondering about your draw system. I typically only take a draw if the job is going to last longer than 30 days. In which case, I determine a 50% completion mark, identify that mark to the client, and take a 25% draw at that point in time. I also take a 25% deposit. That means I have 50% paid by my half way point and collect the rest at completion. Otherwise, I just take a 25% deposit and collect upon completion. With your 7 day draw system, are you taking draws on 10 or 14 day jobs? If so, how do your clients react to such a draw?
I imagine this system is great for cash flow but I have always been of the mindset that we don't collect until you love the work. My clients seem to appreciate that. Just curious to know if there is ever any resistance to that sysytem and if you follow it religiously. Also, just wanted to let you know that I have plagurized some of your disclaimer. Sorry, hope you don't mind but I like it!
I imagine this system is great for cash flow but I have always been of the mindset that we don't collect until you love the work. My clients seem to appreciate that. Just curious to know if there is ever any resistance to that sysytem and if you follow it religiously. Also, just wanted to let you know that I have plagurized some of your disclaimer. Sorry, hope you don't mind but I like it!
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