Contract terms, is this standard?
Are these terms, specifically the payment terms typical?
Terms & Conditions
This is an estimate, not a contract for services. This estimate is for completing the job as described above. It is based on our evaluation and does not include material price increases or additional labor and materials which may be required should unforeseen problems arise after the work has started.
We require a deposit of 10% on signing, 50% on the first day before work starts, Another installment of 35% is due prior to completion. The final 5% is due on the day of completion. A 1.5% late fee will be applied to outstanding balances on a weekly basis.
Materials for this job might be a couple hundred bucks. 60% upfront before work has started seems ludicrous to me. Previous handyman worked for us for years and billed us after job was completed. Even for jobs that were $20-25k. Before our old handyman we had our basement finished about 15 years ago for $30k and all we also paid nothing until job was completed.