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Reply by Moron

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Posted on Right time to ask for a deposit?

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Moron

4666 posts in 2550 days


#1 posted 11-14-2009 05:36 PM

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


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