Deposits

Deposits and stage payments are a standard part of most construction and renovation projects.

A deposit confirms that the client is committed to the work going ahead and allows the contractor to allocate time in their schedule. Without it, there is nothing to prevent a project from being cancelled or delayed at short notice after time has already been reserved.

It also shows that the contractor values their bookings and is committed to delivering the work as agreed.

It simply secures the booking and ensures the project can be properly planned.

Stage payments then support the project as it progresses.

They help manage cash flow throughout the installation, allowing materials, labour, and ongoing costs to be covered at each stage of the job. Most contractors will have credit accounts with builders’ merchants, but these still need to be settled regularly, and accounts are not held everywhere.

Stage payments ensure the project continues to run smoothly without unnecessary delays.