Browse Forums General Discussion 1 Jun 04, 2009 7:51 am Has anyone else noticed that at the moment some NSW builders are front end loading their contracts so that they are obtaining 50% to 60% of the contract value at Frame Stage whilst the value of the work is less than that? No wonder many builders dont want to come back in the final stages to complete works if they have ripped their profit out up front. Standard progress payments in other states 5% Deposit 10% Slab 15% Frame 35% Lock Up 25% Fixing 10% Practical Completion Check out what is in your NSW contract....and Negotiate The Builder should be getting his profit at Completion ...not up front. Also be careful of the liquidated damages amount -again $20 a day is often quoted... do the sums and work out how out of pocket you will be on a daily basis ie extra rent, storage etc if the builder runs over.... Re: NSW Building Contracts 2Jun 14, 2009 9:51 pm hi, Thanks for the advice... I am building with coral but mine is what you stated . So i think i am fine thanks Lw http://buildingfraser251withcoral.blogspot.com/ 20th May 09 Signed contracts for land 24th June 09 Land settled today "I own some dirt" 16th Aug 09 Signed Contract 20th Nov 09 Site Start 15th Jan 10 Bricks started Industry type domestic contracts are prepared by industry bodies for the benefit of the builders. This means that if you are the owner watch out. One of the points is… 0 3212 MBA and HIA both have sub contract agreements, check them out 2 7303 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4814 |