Suggested payment schedule?

[chazas]

Thanks for all the helpful suggestions, folks. Since I'm building in the pool at the same time as a new house, and am financing the whole she-bang with a construction loan, I realized I need to build in time for draw requests and inspections. So after reviewing these responses (and those received on another forum) I've gone back to him proposing the following.

$1000 at time of contract.
30% of balance within 10 days after completion of excavation.
25% of balance within 10 days after completion of installation of steel, plumbing and gunite.
20% of balance within 10 days after completion of installation of tile, coping and parging of exposed exterior of bond beam.
15% of balance within 10 days after completion of plaster.
Final 10% of balance within 10 days after satisfactory completion of all punch-list items and receipt of satisfactory evidence of release or waiver of all liens, including by all subcontractors and suppliers.

He's uncharacteristically silent, so we'll see if he moves at all. I do have another confidence-inspiring builder whose bid was very similar, so I do have options.

[TexasGirl831]

Hi,

Just for comparison, my pool builder had us pay as follows:

No money up front
35% after gunite
30% after pumbing
25% after decking
10% after water was circulating and we are swimming.


Michelle

[ivyleager]

Mine was a IG vinyl pool (18x36), w/ tons of extras. Brick coping/edging at ALL corners had to be redone, which set us back 4 weeks.

Schedule was as follows:
5% at signing contract
55% when hole dug (on a Tuesday)
30% when liner in and water in pool (by Friday)
10% upon completion: coping, deck, ladders, diving board, water level maintained and filter running......basically able to swim.
*****originally had stated only that completion was 'filled w/ water and filter running' which means cleared by inspector. We said no to that, as brick redo and then cement decking was delayed. Builder was fine w/ this change in original contract.

Good luck.

CaryB

[CarlD]

Having been burned by a kitchen contractor when the final payment was 5% (he forfeited it to avoid finishing and I had to do all the final work myself), I'd never settle for less than "10% upon passing inspection" again, and try to get 25% if I could.

I'm even willing to escrow the money (with MY attorney) so that he knows it's there and I can't stiff him, but if he doesn't meet specified conditions, it doesn't get released.