ECN Forum Forums General Topics of the Trade Business Related Discussion How long to wait for payment?

I only have one steady customer that always drags his heels with payments so I have instituted some new company policies effective 1/1/2008:

1) I will not provide any license, insurance, bond, etc. to a village/city for a project until I have received a signed contract. I have trusted (mistake) people in the past and I have been burned.

2) Once I have started a project I mail a notice to the property owner stating that I have been sub-contracted to provide electrical material/service to their property. My notice also recommends that the property owner request lien waivers from the general contractor before releasing any payouts to the general contractor.

As stated earlier, I am not a bank or a finance company.