Contracts for rehab contractors

[Leon Doucette]

Hi BP!

I'm a huge fans of David Greene's BRRRR book it was one of my first reads. I have since referenced the book numerous times. I've actually used alot of the systems talked about in the book to scale my business for my first purchase. One of the systems I've put in place are contractor contracts. I've had these drawn up with the 5% addition or subtraction for job done on time as opposed to going over time line. I love this incentive. Just struggling with how it would be structured for electrical or plumbing trades. These trades are done in different stages. For instance rough in is done before the drywall and fit up or fixture installations after. The time line between these two stages can depend on so many variables. Was thinking of structuring these contracts according to milestones. For instance electrician said 3 weeks for rough-in and 2 weeks for fit up and final inspection. Contract would show start date and finish date for rough-in. For final, 2 weeks complete time and start and finish date subject to change depending on other trades progress.

Guess my question is does anyone use contractor contracts? And if so how do you structure them for contractors mentioned above. Thanks in advance!