I have a $150,000 project right now, and I am wondering what clauses, or what payment schedule people use to ensure that contractors are finishing projects and are motivated to do so through a draw schedule that ensures they are never being paid for work that hasn’t been completed. Thanks in advance for any advice.
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This is a sample draw schedule to be used as a guide. Each project is unique and the builder will provide a more detailed and exact draw schedule. A Job Cost Break Down and Materials List to accompany the Draw Schedule. Please refer to list of forms. tmg advances funds for improvements only, not for demolition.
With custom work such as this, the homeowner and contractor create a payment plan, or draw schedule that provides the contractor with the money they need to order these custom materials. It’s not up to the contractor to finance large material purchases such as this. This is the consumer’s responsibility.
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Of course, your individual draw schedule will vary from this example. But as you can see, draws involve a series of progress payments, deposits, and final payments. organizing them will allow you to keep the contractors and materials arriving on the job site. Make sure that your contractors understand the draw schedule.