Creative Ways to Pay Contractors

[Chad Boyers]

Hi all, I'm finishing up my third flip and have a contractor question. Long story short is that one of my main contractors for this flip was late getting things done, and quality of work wasn't always great (He was fired).  In the end, we ended up going over budget partly as a result of having to correct work and also ran more than a month past schedule.  Are there creative ways to incentivize a contractor to a) do quality work and b) finish it on time?  My partner mentioned offering equity in the property as an alternative to paying a set fee.  Have any of you done this?  If so, did it seem to work as planned?  Other creative options for paying contractors and getting them to do better, on-time work?