What Kind of Payment Terms Work For Winter Having Parking Lot Paving Projects

There are lots to look into beyond the kind of equipment and the kind of service that a Winter Haven parking lot paving company can provide. In many cases, the deal breakers and the non-negotiables are found in the nitty-gritty of the deal.

You will be surprised to know that many prospective clients have turned away because they do not agree with the payment terms of the contractor. Yes, payment terms as in payment schedule. If a client finds the schedule unfair, he can immediately leave the negotiation table and find a “better” contractor to deal with.

Most contractors would ask their clients to pay a down payment, which is mostly half the fee of the project and then, in intermittent times, the rest of the fee will be paid. When there is a milestone reached, 20% of the remaining payment should be turned over.

The rest of the payment, which should be around 20% to 30% will be done when the project is completed. This is an ideal setup for many clients, though the downpayment part may be frowned upon to because clients want a kind of payment terms where there should be milestones reached before cash exchanges hands.

For example, a portion of the payment will be done after the initial assessment because this is when you will know the magnitude of the project and how much it will cost you.

The next payment will be done in batches as the contractor meets the milestones both parties have agreed upon such as laying the sub-base layer, applying the asphalt pavement, and applying sealcoating on top of the surface and lining the lot with appropriate symbols and guide.

Fixing the drainage system for your Winter Haven parking lot paving is an entirely different project, too, so don’t expect your paving contractor to deal with drainage systems unless you have talked and agreed about it. Though paving contractors are also knowledgeable about drainage systems, not all of them want to work on the mess that most drainage systems are.

They may outsource the job or point you to a company they have worked with in the past. When you’re trying to find someone who can fix your drainage, your paving contractor is the best source of recommendation because of his knowledge of the industry.

It is important to note what kind of payment scheme and schedule both parties have agreed upon in your contract. This will keep everything sailing smoothly until the very end of the Winter Haven parking lot paving project.

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