Reputation is key in the home construction/reno industry, but it really makes you question the whole idea of a 50% deposit that is so common with many companies.
My company requires it as well now, but for years we never did because of incompetent management. Then we ran into problems with a few customers that refused to pay after the job was completed and we were left hanging. Talking to other people in the industry, they have similar problems. Seems like a few bad companies combined with a few bad customers have turned it into a problem for everyone.
Personally, if it were up to me, I would do 10% deposits upon agreement of work, 40% upon start of production/ordering(with proof required), 30% upon delivery, then 20% when job is completed or at least progress payments on the last 20% while the job is being completed.
After 10 years of being involved in the industry, I would honestly just prefer to walk away from home reno/construction jobs. 80% of jobs go well, but 20% are such a headache that you just want to drop everything and quit.
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