Originally Posted by
BoganInParasite
Contract Payment Schedule
Noticed this interest in contract payments in Thai Dhupp's thread and posted mine there. Here is it. Google Translate has left me with a few challenges which I've made educated guesses at.
15% - Building plan approved, contract signed, mobilized to site including delivery of bulk materials for foundations, foundations complete.
10% - Beams, pillar and floors for both level complete.
10% - Roofing complete.
10% - Structural work/walls, water supply/electrical piping complete.
15% - Walls rendered and ceiling complete.
10% - Tiling complete.
10% - Doors and windows complete.
10% - Plumbing, sanitary and electrical complete.
10% - Painting, cleaning and defects clearance complete.
Approximately 70% of the builders profit is in the last payment. My payment schedule doesn't have the incentive for the builder to remedy defects identified in the immediate period after hand-over.
Regards, -BiP