How a Construction Retention Payment Affects Ongoing Projects Articles

From the one-man band to the far-flung enterprise, these are the business technologies your concrete contracting business should be evaluating. Getting your customers to spend more money with you than they were going to spend with someone else obligates you to exceed their expectations. If you deliver a superior product or service, then you are obligated to get your customers to spend as much money with you as possible. Dustin knew he was a good salesperson, but he was worried that his “salesmanship” could be seen as manipulation.

Even still, it’s important to include specific language disclaiming the implied warranty, as courts tend to favor the consumer in these cases. The statute of repose sets a deadline to file a claim based on a specific event plus the passage of time. In this case, if a roof leak is discovered 10 years after installation, if the statute of repose is eight years, the claim may be denied due to the statute of repose expiring. OpenAsset’s Digital Asset Management platform makes AEC proposals simpler, faster and more successful. It’s essential to have a payment schedule outlining how and when the client will compensate you for the work you are performing. Make sure to include both your contact information and the clients on the first page of the proposal.

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This should serve as the foundation for developing a profit margin that accounts for variable job costs. In other cases, you may need to get a license on the local level, or on both local and state levels. You can check out the National Association of State Contractors Licensing Agencies for information about the contractor license board in your state. Many contractors get both a formal education in the field and hands-on experience before launching their business.


Get the best bid by conducting a walk-through of your renovation prior to receiving an estimate. Explain all changes you want to make and give the contractor a detailed list of materials you plan on using.

You have to start charging more for your work, and you know this will create tension with your next potential customer. But, if you believe you are better than “the other guy,” then you are obligated to sell your customers the highest price possible. You like to build things with your hands, show your clients the results of your craft, stand back and watch your clients reactions. In my role, I’m constantly striving to develop messaging that resonates with our clients and effectively showcases the exceptional work that we do here at STEVENS. I believe that communication is the key to success, and I work tirelessly to ensure our marketing efforts are engaging and informative.

This means that large payment draws happen soon after the project begins. The building site takes shape with the excavation and installation of foundations and slabs. This work is done by excavation contractors and foundation specialists—an entirely different group of contractors than the carpentry crews that will soon be on-site.

When the above-mentioned steps are complete, you can proceed with the rest of the estimation process. This factors in your other costs as well as your markup to come up with a final estimate and bid. At this stage, you may need to rely on your industry knowledge to determine the cost of materials. In some cases, your suppliers may have provided their quotes, so you can use that information as well. For example, if the plan calls for a 2,500-sq ft. indoor area, you’ll need to iron out the different types of materials required to build that room and the quantities for each. Once you have the list of materials for the project and the relevant measurements, you’ll need to figure out the quantities for the required materials. Take stock of the necessary materials along with measurements of various project components, and then use that data to determine the right quantities.

What is a Contractor?

That said, after conducting experiments with it, estimating by stick is time-consuming and inefficient. It also leads to oversights and other problems if you don’t account for possible setbacks. Every client has unique needs, and it’s up to you to set boundaries and outline what your business does and doesn’t do.

Risks associated with subcontractors

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