Getting the builders in

[AtW]

What happened to a gentleman agreement, a mans word is his bond.

Bankers fecked it up

[Halo Jones]

What happened to a gentleman agreement, a mans word is his bond.

[woohoo]

Payment terms will be established in the contract.

Please tell me you have a contract...


Some examples

Builders quote terms - this is where you sign their quote & agree to what they ask for..

BoQ (Bill of Quantities) will list items by description / unit / rate per unit / total - you will pay by the unit completed ie 5m2 of a 25m2 wall

Activity Schedule - will list tasks - you pay when the task is completed ie 25m2 wall.

Each agreed period (say monthly) they submit an AFP - Application for Payment, you review this & agree / disagree & make a payment within the specified term (ie 14 days)

What sort of warranty are you getting, have you agreed any sort of Performance Bond or retention?


My suggestion to you is get one of these & agree & sign up to the terms JCT Minor Works


Yes... this is my day job

What happened to a gentleman agreement, a mans word is his bond.

[DimPrawn]

Most builders can't read and write, well only Polish.

[Halo Jones]

Payment terms will be established in the contract.

Please tell me you have a contract...


Some examples

Builders quote terms - this is where you sign their quote & agree to what they ask for..

BoQ (Bill of Quantities) will list items by description / unit / rate per unit / total - you will pay by the unit completed ie 5m2 of a 25m2 wall

Activity Schedule - will list tasks - you pay when the task is completed ie 25m2 wall.

Each agreed period (say monthly) they submit an AFP - Application for Payment, you review this & agree / disagree & make a payment within the specified term (ie 14 days)

What sort of warranty are you getting, have you agreed any sort of Performance Bond or retention?


My suggestion to you is get one of these & agree & sign up to the terms JCT Minor Works


Yes... this is my day job

[WTFH]

Depends on who the builders are, etc.

We had work done a few years ago. We had agreed 25% up front, 25% when the walls were up, 25% on completion and 25% 30 days later (subject to snags being resolved)

[PCTNN]

Every time I had to do jobs in my property it's always been 50% upfront and 50% on completion. Simple as.

[DimPrawn]

No idea. Staged payments sound good but the builder will want some assurances you have the cash. They may ask for some upfront in order to have cash flow to order materials.

It would, to me, be more important to define the exact scope and get a fixed fee for the work, with changes cost assessed and agreed as extras. I would never agree to pay on a T&M basis unless you want to see just how long a builder can take to put a wall up.

Like you say a lot of builders are wary of staged payments and most will want you to pay for the bulk of the materials upfront before they even think about turning up.

My rule of thumb, if a builder can start your job within the next 6 months they are tulip.

[ladymuck]

No idea. Staged payments sound good but the builder will want some assurances you have the cash. They may ask for some upfront in order to have cash flow to order materials.

It would, to me, be more important to define the exact scope and get a fixed fee for the work, with changes cost assessed and agreed as extras. I would never agree to pay on a T&M basis unless you want to see just how long a builder can take to put a wall up.

[AtW]

If you doing it then update plans for a deep bunker as well

[LondonManc]

Ask us "for advice" instead, it might end better.

[AtW]

80% on completion, 20% a year later minus any costs for problems that were found.

[northernladyuk]

Never thought of asking you lot for advise before as most of the information in the crypto and stock markets threads is entertainment at best. But here goes...

I'm planning a rather large 2 story extension and loft conversion. Any advise on how to structure payments with builders? 25% when they have done the foundations, 25% when the walls are up, 25% when the roof and internal shell is in and a final payment of 25% on completion. Is my current thinking.

Obviously I will ask my builder, but wanted to know if anyone else had been through the process before?

FAQs
Yes we will have radiators.
I know how to bleed them.
My accountant does not know.

Ooooh, get her! Sounds as if somebody's got the painters in.

[BlueSharp]

Never thought of asking you lot for advise before as most of the information in the crypto and stock markets threads is entertainment at best. But here goes...

I'm planning a rather large 2 story extension and loft conversion. Any advise on how to structure payments with builders? 25% when they have done the foundations, 25% when the walls are up, 25% when the roof and internal shell is in and a final payment of 25% on completion. Is my current thinking.

Obviously I will ask my builder, but wanted to know if anyone else had been through the process before?

FAQs
Yes we will have radiators.
I know how to bleed them.
My accountant does not know.