Contractor Payment Schedule

[Jennifer Soelberg]

About to close on a house in about a week and was curious how and if people paid their GC’s on a “schedule.” For example if their bid was $30k, pay them $10k at the beginning to get materials, $10k when they’re about half way through and you’ve signed off on what they’ve done and then $10k at the end. We haven’t done anything like this in the past, but want a more concrete payment plan. Thanks in advance!