Paying Contractor

Below are some points to consider regarding contractor payment:

  • Specify payment procedures in the contract. Periodic progress payments maybe tied to phases of construction work.
  • Pay annual contracts, such as those for extermination or elevator maintenance, on a monthly basis with annual adjustments for work not required.
  • Obtain details of all associated warranties, plans, diagrams, schematics, sources of supplies, code numbers for paint, and information on who did the work.
  • Obtain a complete invoice for your records and for the owner.
  • Require that all bills show labor, supplies, fees, and taxes to avoid any disputes with government agencies.
  • Inspect the work thoroughly before paying for services provided or work performed (both interim and final payments). Tie approval of each section to the building inspector’s signature.
Posted by ralph
January 19, 2021

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