In the HIA Contract provided by my builder that I'm going through, I have the option of using Method 1 or Method 2 for progress payments. I understand Method 2 is typically more weighted to larger payments early on, and isn't necessarily defined by stage completion, rather...a percentage or work thats complete. Method 1 as far as I understand, is more stage completion orientated.
In my schedules for Method 1, I have:
Deposit: Blank
Base Stage: 10%
Frame Stage: 15%
Lock-up Stage: 35%
Fixing Stage: 25%
Completion: Blank
The remaining 15% isn't noted.
In Method 2, I have:
Deposit: 5%
Base: 20%
Frame: 20%
Lockup: 25%
Fixing: 20%
Completion: 10%
If we were to request Method 1, shouldn't both the Deposit and Completion stages be populated with their relevant percentages (5% and 10%)?