Need advice on a large project

2077 Views 6 Replies 7 Participants Last post by vermontpainter, May 30, 2008

kanadaeh

Discussion Starter · May 30, 2008 (Edited)

I am 3 weeks into a very large project compared to what we usually do. The payment terms we agreed to are 30 days however, due to the size of the project we had to bring in subcontractors to help. They are billing me weekly and expect payment at the same time. We went to the bank and borrowed money to help cover the added expense and this is to be paid back in 2 mths time. I was about to deliver the checks to the subs when I run into another painting contractor and we start discussing the project. I tell him about the subs and he says don't pay them in full. Give them half and tell them your waiting on money. He said go as long as you can without touching the loan. I like to pay on time and like to be paid on time. This contractor does a lot of large projects. What would you do?

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Alex PCI

· #2 · May 30, 2008 (Edited)

If you told your subs that you would pay them weekly then do just that. If you told them monthly then do just that. I like to be paid on time so I pay everybody on time. If you have to wait 30 days for your money than thats the risk we take. Do what you feel is right and dont worry what some other painter told you, chance is he probably owes lots of people money.

All of these things are supposed to be covered before any work starts. Everyone has their own payment terms and thats fine. I pay some monthly and some weekly. If I told someone I would pay them this week then I would pay them this week no matter what anyone said.

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