When are punch lists typically executed?

Punch lists are typically executed before the closeout process of a project or build, but punch lists can be executed at any major milestone during a project to ensure that the section meets the expectations of the clients, contractor and contract.

What is a zero punch list in construction?

A zero punch list in construction is when, after a client and contractor walkthrough occurs, no deficiencies, issues or problems are identified by either party. A zero punch list is a building standard for contractors to strive toward for producing work that meets their clients’ expectations on time and without any issues.

What is the difference between a snag list and a punch list?

Where a punch list is a list of items that need to be addressed prior to a project being completed, a snag list is a list of items that are holding up a project from being finished. Punch list items can be added by clients or contractors while snag list items are typically only added by contractors. Punch lists are also typically compiled toward the end of a project while a snag list is a living document showing problem areas throughout the build.

What is the construction payment process?

The construction payment process starts with the homeowner who pays the general contractor who then pays the subcontractors and finally these subs pay their suppliers. Getting the homeowner to pay invoices on time is vital to ensure all payments run hassle-free down the line.

What are typical terms for construction payments?

There are a number of different construction payment terms. Typically, construction payments are due 30 days after an invoice. The flow of who gets paid when and whether or not a retainage is used are all up to the builder. Here are a couple items to consider: Prepayment: Prepayment is required so contractors can secure materials, equipment and a crew. A typical prepayment runs about 20-33% of the job. Net 10, 30 and 60: A net payment means payment is due 10, 30 or 60 days from the date of the invoice. Pay-when-paid: This is a common clause in a contract that means the subs on the job will get paid when the homeowner pays the general contractor. Retainage: When a general contractor withholds a percentage of a subcontractors payment until the job is finished.

What are the different types of construction payments?

The most common type of construction payment is a net payment, meaning the invoice is due a set amount of days from the issue date. For longer projects, it’s typical to pay an upfront deposit and then to pay the contractor monthly until the job is finished.

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Q: How do general contractors get paid?

The most efficient way to manage construction payments is by using a construction payment software such as Buildertrend Payment . Why? Because it takes the awkwardness out of asking for money. A written construction contract should clearly state the expected payment schedule. Once you have that contract in place, your clients will pay all invoices via email. No emails or phone calls begging to get paid.

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