Number of days to make Progress Payment ...

... after stage completed and notice received.

Hi All,

How many days are usually given to owner to inspect the stage by Lender and his/her hired Building Inspector? I was given 7 days. Is that enough?

What should I do if I receive a bill but the stage is not completed and/or not inspected by Independent Building Inspector (hiered by Builder)?

Thanks

Our builder gives us 10 days, but if we don't make payment by day 10 then we get charges late payment intrest on the overdue amount, some rediculous number and i don't want to give them anymore than i have to.

Check you contracts there would have been something in there about how long you have to make the paymnet and penalties if not made on time

7 calendar with our builder. Doesn't help when they send the invoice via snail mail on a Friday.....I only recieve it after work on Monday, so the 1st chance I can fax it to the bank is Tuesday morning...day 5!!! The bank then allows themselves 10 working days to pay the invoice. No chance.

We have 7 days too. How slow are some banks Ours would have the money paid 24 hours after us authorising the payment!

You can pay them when you, and or the bank are satisfied that the stage has been completed. Friends of mine received their frame invoice the day after thier slab was poured. A gentle but firm call to the accounts department reminded them that they were a little premature, and that payment would be made when they reissued the invoice once the frame was completed.

When we built, we always rang them if the difference between invoice date and date of receipt was more than 3 days . This way, they knew you got it, and they extended the date. Keep them informed that you have organised payment with the bank, or that the bank requires an inspection. If you keep them informed they are fine. The accounts ladies were lovely, appreciated the contact, and nothing was ever a problem.

Have to agree with Adrian. Because we swapped lenders from land to construction, there was a slight hold up with paying out the amount (some form wasn't done right) and 'settlement' was delayed, and we couldn't make our first payment for the base stage until the land was settled. We informed the builder and they were fine - no extra charges, and it was overdue by a week.
Then we had a bit of a hold up on the frame stage as this is when we could get the FHOG, but the difference between the lender and the builders invoice wasn't right, so after a few days (nearly a week) for them to think about it and finally work out the problem, it was all fixed up (again late, but they knew what was going on). Fingers crossed it's all smooth sailing from now on... Just keep them informed.
Then there's my sister who is almost finished fixing stage and has only paid for the base! Long story but the builder is fine with it!

Ray.

For us 7 days this is how long took a bank for processing. So even having 7 days for payment we were paying ca. 10 days. The first payment was late 3 weeks as the bank hold the payment. Even then the builder didn't enquire about the money. When we noticed that the money hasn't been withdrawn, we sort it out and call the builder.

cheers
kate