The elusive final payment

摘要

When it comes to securing the final payment from your client on an extensive custom renovation or new home that is done on your client's property, my advice is: Do not let your client get ahead of you when you are in the final stages of completing their project. However, I can tell you from experience, it is so much easier to say, or write about, than it is to accomplish.rnOur company's client contract addresses this exact concern. Its key elements are as follows:rn1. We require two initial payments: the first is a deposit that is held to be applied to the final payment; the second is to fund the client's operating account, which we use to pay all project costs as well as our builder management fee (we build open-book).rn2. We have the right to request funding of the operating account every 14 days and we require a minimum balance in the account.rn3. We have the right to stop the job when a funding request is delinquent, which is seven days after our client receives the request.