hi,
i am looking for replies on customary "Payment Terms" as it relates to a contract with a client for electrical work.
first, on any job over $500 i always obtain a signed contract. my contract is a standard one here is a generic copy of it...
http://www.mikeholt.com/free/free.htm i use this one for my business.
i generally ask for 50% in advance and the remainder upon completion of the job..i used to ask for 25% but i found out if there are any problems getting paid then 25% doesnt cover the expenses...
i have lost one job i know of from a client who said "i dont pay anything in advance", the job was at least $2000 and would take at least a few weeks to complete everything, thats a long time to go without any payment on the job not to mention if the customer decides not to pay for some reason then you are in a pickle... a signed contract would be helpful but it would still take months and an attorney to collect...
as far as commercial work what is the norm?
what about industrial?
thanks for any replies
-regards
frodo
