Hello,
I have a question regarding the final payment to the architect. We are now about two-thirds through the construction. According to our architect, we should pay the final invoice after the tile installation... But the work with the tiles is not finished yet. There is still the sanitary fixtures to be installed, the electrical final installation, the painting work...
I would understand it more like the last payment should be made after the entire construction project is completed? Before I discuss this with him, I wanted to get your opinions first, so I’m not misunderstanding the situation!
I have a question regarding the final payment to the architect. We are now about two-thirds through the construction. According to our architect, we should pay the final invoice after the tile installation... But the work with the tiles is not finished yet. There is still the sanitary fixtures to be installed, the electrical final installation, the painting work...
I would understand it more like the last payment should be made after the entire construction project is completed? Before I discuss this with him, I wanted to get your opinions first, so I’m not misunderstanding the situation!
... hello ...
Don’t you have a contractual payment schedule that specifies when each payment is due?
A final invoice usually means payment is made once everything is completed...
Personally, I would not pay the final installment before the work is finished. Statements like "he’s not gone away"... no, that would be too risky for me...
In our contract, the final installment corresponds to the last three percent after handing over the house (i.e., when it’s finished).
Best regards, Britta
Don’t you have a contractual payment schedule that specifies when each payment is due?
A final invoice usually means payment is made once everything is completed...
Personally, I would not pay the final installment before the work is finished. Statements like "he’s not gone away"... no, that would be too risky for me...
In our contract, the final installment corresponds to the last three percent after handing over the house (i.e., when it’s finished).
Best regards, Britta
... but it doesn’t make much sense not to have a payment schedule. There must be an agreement somewhere about when each payment is due.
For additional work that we subcontract to our builder, the process is that we pay 60% upfront and the remaining 40% upon completion. Additionally, for each progress payment (for example, after the shell is completed, after the roof, etc.), 3% of the invoice amount is retained as a security deposit. This means that after the house is finished, we still hold about 6% of the agreed contract price: 3% as a final retention plus 3% as a security holdback...
For additional work that we subcontract to our builder, the process is that we pay 60% upfront and the remaining 40% upon completion. Additionally, for each progress payment (for example, after the shell is completed, after the roof, etc.), 3% of the invoice amount is retained as a security deposit. This means that after the house is finished, we still hold about 6% of the agreed contract price: 3% as a final retention plus 3% as a security holdback...