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Progress Stages and Payments - What should I look out for?

The Progress Stages as stated in the contract usually determine when you will be entitled to a Progress Payment.

Make sure your contract entitles you to progress payments after the “substantial” completion of each progress stage, as this will prevent the client from arguing that you are not entitled to a progress payment because you have not completely finished a progress stage.

When setting the percentages of the contract price that you will be paid at each progress stage, you should always take into account deposits that you have made for goods and / or materials that you have purchased, but will not be installed onsite for some time.

When setting the percentages of the contract price that you will be paid at each progress stage, always keep the final progress payment percentage as low as possible (usually 5-10%).

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This entry was posted on Friday, April 17th, 2009 at 1:26 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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