GRG a/k/a goldenrulegirl
Senior Associate
"How you win matters." Ender, Ender's Game
Joined: Jan 2, 2011 13:33:09 GMT -5
Posts: 11,291
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Post by GRG a/k/a goldenrulegirl on Sept 15, 2015 10:20:23 GMT -5
Has anyone ever asked for one from a contractor?
What was the process.
I am assuming the cost is a percentage of the total cost of the project?
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quack
New Member
Joined: Jan 4, 2011 15:50:48 GMT -5
Posts: 47
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Post by quack on Sept 15, 2015 11:00:24 GMT -5
We use them for our public works projects - they're generally for the cost of the bid, and the price when renewed reflects the amount of work left to be accomplished (our projects are generally multi-year). They're used to guarantee that there is money available to finish the project if the contractor disappears. I haven't heard about using one for a private project - this is generally why a private contractor is given a set percentage of the total cost in advance, and then additional percentages as each stage of the job is complete. In a lot of private jobs, approximately 10% of the total cost is held back until the final punch list is complete and approved. This information came from a co-worker who got a construction loan to build his house, that was how the bank structured it. Hope this helps, and sorry for all the PITA work that goes into dealing with insurance companies and flaky contractors. BTDT, and still haven't inventoried the new house/belongings....
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GRG a/k/a goldenrulegirl
Senior Associate
"How you win matters." Ender, Ender's Game
Joined: Jan 2, 2011 13:33:09 GMT -5
Posts: 11,291
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Post by GRG a/k/a goldenrulegirl on Sept 15, 2015 11:52:44 GMT -5
Thanks, Quack, and welcome (or are you a re-incarnated veteran?)!
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quack
New Member
Joined: Jan 4, 2011 15:50:48 GMT -5
Posts: 47
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Post by quack on Sept 15, 2015 12:02:19 GMT -5
I've been around since msn money, mostly just read, since I really shouldn't post at work
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