Browse Forums General Discussion 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 6082 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 6336 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 20188 |