Super tight monetary policy

TomTint · December 26, 2014

Devil, out this way, retainers are the norm. Typically 10% of the ticket although a law was just passed here that limits it to 5%. Although many contractors will still try to keep the 10 if you don't call them on it.

Roach · December 27, 2014

Tom, what size jobs, sq/ft wise, do you generally see where they hold the 10%? (Or now, 5%?)

I wouldn't do that work Mike.

There are so many other minnow jobs out there that are just as tasty and get paid immediately for.

Devil

While I haven't been part of those huge jobs, I can certainly understand your point... and have to agree to at least some extent. :thumb

TomTint · December 27, 2014

It depends on the contractor. Some hold 10% on all of them regardless of the size

Devil with bad attitude · December 27, 2014

This is my take on it....that contractor knows you've done a good job and he will be paid for it way before you.

If something is not right he'll get you back to fix that corner or redo that window with contam at the time of installation.

If he can retain 5 or 10% and use it on the short term money market, he is laughing all the way to the bank using your money. :money

Why should the prick get away with that?

On the other hand, that work that may tie you over for a month let's say could alternatively be easily achievable with a number of smaller private jobs where you get paid in full at completion with far less risk of losing the lot due to a dodgey contractor who may become insolvent after you've done the installation.

Nah not for me my friend....too wise and too smart.

Devil

TomTint · December 27, 2014

This is my take on it....that contractor knows you've done a good job and he will be paid for it way before you.

If something is not right he'll get you back to fix that corner or redo that window with contam at the time of installation.

If he can retain 5 or 10% and use it on the short term money market, he is laughing all the way to the bank using your money.

Why should the prick get away with that?

On the other hand, that work that may tie you over for a month let's say could alternatively be easily achievable with a number of smaller private jobs where you get paid in full at completion with far less risk of losing the lot due to a dodgey contractor who may become insolvent after you've done the installation.

Nah not for me my friend....too wise and too smart.

Devil

It is a cost of doing business for us. If we are working for a first time contractor we will get a credit card payment at completion and make that known before starting. Sometimes if that contractor is a referral from another trusted source we will extend Net 30-60. Which usually turns into net 90-120

Devil with bad attitude · December 27, 2014

90-120....how about a loan T? :lol

Devil

Counterpart · December 28, 2014

90-120....how about a loan T?

Devil

Our kids are taught to love and embrace credit cards and debts these days

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So either we use them or accept them.

I refer to accept credit cards.

she tints · January 8, 2016

I agree to keep your plate straight and nobody gets hurt. no harm no fuss just get it done right the first time so you don't owe the second time and Keep all your paper work straight too,or warranties can get tricky without order , Best to you. #experanced it in st pete fl