Paying Contractors Upfront Or....?

[Trevor Deeter]

I'm speaking with GCs in my area. As very few are available, I'm limited, which is a bad spot to be in. I feel like I can't be picky since my options are limited, but to not be able to scrutinize over quality as much as I'd like to on my first rehab kind of kills me a bit. Anyway, one contractor I found that's available is asking for 50% up front, then 30% at the half way point and the remaining 20% at the end of construction. What is the industry standard for how you lay out time lines/deadlines, expectations, penalties for lateness of work, etc? Is it standard to pay half up front? I'm sensing that is high, but my lack of certainty brings me here. 

Thanks all