We’re often asked how payments are made while building a new home, so we should we’d cover it in this weeks blog post. The payment schedule during construction is referred to in most building contracts as ‘progress claims’ and there are a couple of different ways this is done which we’ll explain in this article. First, what is a progress claim? A progress claim is an invoice from the builder to the client for the work completed on site by the home builder. Builders will typically charge you a progress claim when main components of construction has been completed on your home. The way these figures are calculated generally follows this formula; Cost of Building to Date – Any payments already made = Invoice Cost…
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