Are you at the stage of booking?
Are you at the stage of booking?
Some terms to familiarise yourself with…
Deposit Invoice
We require 50% of the payment upfront to get the job fully booked. Then the remaining payment upon completion. A homeowner’s payment terms would be 7 days, where the big contractors are 30 days. We will happily fall in line with their terms, which is never more than 30 days.
PO (purchase order)
Some jobs are booked far in advance, and in this instance we would ask for a PO, but we wouldn’t ask for a deposit until about two weeks before the start date. It’s a fully refunded deposit. If the job doesn’t go ahead, the money gets returned. It’s that simple.
Payment Notice
Sometimes a job runs for many months and, as a result, we do valuations at the end of each month. To give you an example, if we priced up for 20 rooms, we would send a deposit invoice for 50% of the total value. If the job started in January, we would then send a balance invoice for the rooms we did in January, at the end of that month. Issuing regular invoices helps to maintain a steady cash flow and ensures payment is received consistently until the job is completed.
Payment Application Schedule
