What is the industry "standard" down payment (deposit) that is used when paying a contractor for renovations (not a large company like Home Depot or Sears, but an individual contractor)? In this case I'm being quoted about $2,000 to get the exterior of my house painted.
Should I pay 50% ($1000) immediately and the remaining 50% once the work is complete? What's the industry norm?
Obviously there is an equilibrium between fairness (to the contractor) and financial safety (to myself) to minimize risk in case the contractor goes bankrupt during/before the job (or if he's a criminal, to take my money and never do the job or do a lousy job).
Thank you.