I'm involved in getting bids for a roofing job on a group of condominiums. I have a bid for $42,650 which we will probably want to go with. We will be signing a contract in the next month, but the job won't be started for 5 to 6 months. there are reasons for the delay which have to do with the nature of the job and our ability to extract a special assessment from the home owners.
The contractor, a relatively new firm that has been in existence for two years, is asking for payment as follows:
- Deposit of ,250
- Payment at commencement of work in the amount of ,200 Commencement of work is defined as the delivery of materials or performance of labor.
- Payment of ,200 within two weeks after completion of job.
Maybe I'm just being paranoid, but I'm not too keen on those terms. Over half the job could conceivably be paid for before any significant work was completed. Any suggestions on what would be fair for both parties would be appreciated.
Jeff