Hi
I have a question about progress payments and was hoping someone out there may have some knowledge about this topic.
In regards to the percentage of total price, does the amount actually cover up to a particular stage and only that stage. For example, using the Building Commissions breakdown of payments;
5% deposit
10% at base stage
15% at frame
35% at lock-up
25% at fixing stage
10% final
By the time you got to lock up stage, would this amount have covered all items to lock up, or does this allow for the builder to set money aside for further items. So basically they have more money than they need to cover up to lock up stage (hope I am making some sense). It just seems to me that the remainding 35% for fixing and final does not necessarily seem enough to cover these items.
Thanks for any help you can provide.