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Need advice on a large project

2077 Views 6 Replies 7 Participants Last post by  vermontpainter
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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Probably to late now, but on large projects it is best to determine a plan that everyone is on, you the subs etc. I do mostly repaints on homes. One a few large projects, I do a pay me at the end of the week based on completed work.
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