We are installing an elevator for $38,000. The contractor has asked for a payment schedule of $17,000 up front, $14,000 when elevator is delivered, $2000 at completion of site of install, and $5,000 at completion. This seems in violation of California’s 10% down. However, the contractor has excellent BBB rating, good reviews, and has a valid California license. What lien waivers should I obtain and at what point?
If this is a commercial project, there is no rule on the amount of a deposit; the 10% or $1,000 maximum is for home improvement contracts only. But, a contractor on a home improvement project can ask for a deposit on material upfront. In any event, you will want to have the contractor execute lien releases with each payment. For the interim payments, you will want the contractor to sign an "unconditional waiver and release upon progress payment" and, for the final payment, an "unconditional waiver and release on final payment." You should be able to find samples of both on the web; just run a google search of the titles.
This information was just what I needed. Thank you so much for the help.
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