Posted on Right time to ask for a deposit?
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#1 posted 1313 days ago |
Depends As a rule I take 50% down, balance on completion. If its a big project where I have do design work I take a retainer, anywhere between 5 and 10 thousand, non refundable but if the job proceeds, I draw off that retainer for my design time, my research time, my travel time, any consulting, sub-contracting time. If there is anything left its applied to the construction contract. Another way is to charge 10% on all sub contracting and they pay the sub directly. Small projects, in the design phase I bill out at 85 an hour. If its just an installation I bill out at 500 a day per man, paid upfront. Sometimes I take 10% down and take draws as the project progresses based on what percentage is complete. One thing for sure is that I never leave myself in a finacial position where “I” would owe a supplier or worker money for “their” project. Been there, done that. To date I have been stuck with some ones else bills in excess of 200,000…..............and touch wood, that will never happen again. A lot of shops charge 50 down, 40 on delivery, 10 % on satisfactory completion. -- "Good artists borrow, great artists steal”…..Picasso |
