Hi all
Just got our building contract on the weekend to look at prior to signing
apparantly a standard HIA one
"practical completion" - seems a bit vague , even says that appliances wont be installed until final payment received !!!!. This could still mean that theres actually a lot to be done , yet we have essentially handed over full payment.
On a related topic , the progress payments are paid out in full at the point of practical completion . It it reasonable insist . hold 2.5-5% until FULL completion to the satisfaction of the owner !!!They always come back quicker if you still owe them moneyto do incomplete or defective stuff .
WHAT HAVE OTHERS DONE IN THIS REGARD????
Also liquidated damages = $50 a day , yet he has a clause if we hold him up its $100/d !!!. We think we would insist on our rent being paid ie $1000/week, a real incentive to finish on time . We could offer him a 2 month extension on time free then $1000/w.
What do people think and what have they done ???