Browse Forums General Discussion Re: How many days to pay progress payment? 2Dec 29, 2014 6:15 pm Has the stage of that part of the build been done to your satisfaction? Has the Building Surveyor inspected it and provided certificates for the stage of the build? Have you had your own building inspector to check that the work has been done properly and to the requirements of the contact? Are you happy to pay it? Odd that your contract doesn't have anything to say on progress payments as usually builders charge ie 25% per day interest if it is not paid by a certain time and they make sure that bit is in the contract. I think seven days is usual??? Perhaps contact your Department of Fair Trading - Consumer Affairs and ask them. Also go through your contract again to see if there is any mention because i really believe there should be. If you have a loan your bank might be able to help you but usually a builder gives out that sort of information pretty early on, often before they start building! Is is a HIA or MBA contract? Re: How many days to pay progress payment? 3Dec 29, 2014 9:25 pm It will be 7 days unless specified otherwise. Double check your contract, there is a section that will (or should) specifically state. If nothing is written in the option box look out for the standard conditions, it will state 7 days unless specified otherwise. Re: How many days to pay progress payment? 4Dec 29, 2014 9:30 pm kats_meow Are you happy to pay it? It's not whether you are happy to pay it or not. If you are not going to pay it simply because you aren't happy with something make sure to seek legal advice. If something is quite obviously at the stage then fair enough, but at least discuss this with the builder builders charge ie 25% per day interest Sarcasm??? Re: How many days to pay progress payment? 5Dec 30, 2014 7:18 am 33amc - can you please change your post as that is not what i posted and it implies that i did. I also don't think inserting "sarcasm" like you have is any way productive in this thread so why bother? A building inspector employed by the OP would advise about the legal aspects. I would have also suggested this once i knew the type of contract as well as discussion with the Builder. Re: How many days to pay progress payment? 6Dec 30, 2014 10:13 am Just thoroughly check your contract. It will be in there. My contract gives me 10 days to pay. 10 days, not 10 working days. Also 25% interest sounds about right. My Contract stipulates 18%. Re: How many days to pay progress payment? 7Jan 01, 2015 9:42 am kats_meow 33amc - can you please change your post as that is not what i posted and it implies that i did. I also don't think inserting "sarcasm" like you have is any way productive in this thread so why bother? A building inspector employed by the OP would advise about the legal aspects. I would have also suggested this once i knew the type of contract as well as discussion with the Builder. Hi Kats, Apologies if I mis quoted. Which part did you not say? I inserted Sarcasm with a question mark. I was asking if you seriously think the charge is 25% per day or whether you were implying or being sarcastic about what builders charge. The interest charge is a per annum interest rate, huge difference. Just as a reference the MBA contracts state 15% if noting noted. this could of course be altered to 25% per annum or 18% per annum as Beazley says. Personally I wouldn't take legal advice from a building inspector either Re: How many days to pay progress payment? 8Jan 01, 2015 2:33 pm Yes it is definitely not 25% per day. I think what was meant was 25%p.a. charged daily. So this would be 25%/365. On 100K this is about 70 bucks per day (simple not compounded). My builder states 10 days as well and it would be from invoice date that probably translates to a few days less with postage, less with email. I asked about late charges with my builder as I am overseas and sometimes things can get held up. They said they were yet to actually apply the fee as most clients give the heads-up and things are quickly rectified. carmer13 I would scan through your contract again as it should state the payment terms and interest charges. If it looks like you may miss the timeline, ring the builder and let them know. It is in the best interests of both parties to communicate. I agree with 33amc that I would not take legal advice form a building inspector just like you would not have a lawyer inspect your building. Each may know but if pressed in court I would want to rely on legal advice. HNY Mark 8 6156 I'll be here once a week, lets make that Mondays. If you have a question, this will be the day I will log in for a look around.. If your lucky, sooner. Ask away...… 0 6370 Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20432 |