Payment schedule for stoop restoration

The contractor is asking for a 25% payment upon contract signing. He will then need to apply for a Landmarks permit. Apparently, there could be considerable delay in getting the permit at this time of year–up to a month or more. He says he can commence work in July or August. I am reluctant to make an upfront payment with this level of uncertainty about the date of project commencement. In fact, I prefer to make the initial payment upon commencement of actual work. Comments?

poise

in General Discussion 7 years and 4 months ago

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housepoor | 7 years and 4 months ago

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I am in the middle of a stoop restoration. Our agreement requires a deposit only once the Landmarks permit was ok’ed– nothing up front at all. At that time I paid his expediter as well. LPC took nearly 3 months for a certificate of no effect, largely due to an error by the expediter — but I felt a lot better that I hadn’t put up money while they were going back and forth with LPC. . I did, however, agree to make a substantial payment when he started the brownstone work (after the scratch coat). I wish the holdback was close to the 25% number daveinbedstuy suggests, but at that point I was able to see his work (and work ethic), so it was a trade-off I could live with. So far, so good.

daveinbedstuy | 7 years and 4 months ago

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25% sounds reasonable. And a month or so sounds even more reasonable to secure the permit. Just don’t pay the last 25% until the job is all finished and any necessary sign offs are secured.

newtomehouse | 7 years and 4 months ago

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Why would the contractor put in time, effort and money securing a permit without a deposit? 25% sounds very reasonable.