Checking Out Businesses

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Checking Out Businesses

Postby Nick » Wed Apr 17, 2013 2:33 pm

I'm about to place a substantial order for structural glass, and I found it interesting what instinctively I did. The contractor requires a deposit of 10%, followed by a 40% payment upon design completion - hence my checking the company financial health!. What I did when researching the company was use www.duedil.com - but the thing I found interesting was that instead of drilling into their accounts, I drilled into their owners & directors - which companies they are associated with, how many closed companies have they been a director of?

Basically I trust people, but not accountants - am I wrong?
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Re: Checking Out Businesses

Postby slagthemoff » Thu Apr 18, 2013 8:15 am

That's how I found one had a cycle of companies that folded about every 18 months leaving a trail of debt...
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Re: Checking Out Businesses

Postby keith » Thu Apr 18, 2013 8:47 pm

So you are Gonna pay 50% that's 1/2 for simpletons like me before anything gets delivered.

To me that's like the Builder asking for 1/2 of the money once the plans are drawn.

In my simple mind Fat Chance ( I was gonna be really rude but )
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Re: Checking Out Businesses

Postby Nick » Thu Apr 18, 2013 8:52 pm

Keith,

It's actually worse than that - they want the last 40% 7 days before completion. They claim that they will have a lot of stuff on site, and partially installed by this stage, but I'm not happy with the concept that their credit isn't good enough to fund their own work until it is finished.
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Re: Checking Out Businesses

Postby Jo King » Sat Apr 20, 2013 8:22 pm

But they're making it especially to fit your property, it's not something they can sell to someone else if you don't pay for it when they arrive to site with it.

That's the difficulty of purpose made stuff. Next time build the house to fit their glass units :D
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Re: Checking Out Businesses

Postby slagthemoff » Sun Apr 21, 2013 9:02 am

Normal for custom glass - it's not the credit, it's the fact it's useless to anyone else as Jo says...
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Re: Checking Out Businesses

Postby Nick » Sun Apr 21, 2013 8:49 pm

But that applies to all property work. I haven't come across any builders (except scammers) who want paying before they start work. I'll agree that Appliance repairs often expect payment the moment the work is finished, but never in advance.
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Re: Checking Out Businesses

Postby Jo King » Sun Apr 21, 2013 9:09 pm

True.

Equally one could challenge why Landlords charge rent upfront even when they've not provided a service.
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Re: Checking Out Businesses

Postby Nick » Sun Apr 21, 2013 9:28 pm

A tenant shouldn't pay without a signed tenancy agreement. It's that document that they are paying for, as it is that document that gives them legal ownership of the property.
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Re: Checking Out Businesses

Postby Jo King » Sun Apr 21, 2013 10:08 pm

It's just a piece of paper that gives them legal entitlement, I doubt you give them the keys until you see their money so they'd still have to take you to court if you didn't give them access to the property in the tenancy agreement.

Same as your contract with the glass company, which you should receive once all the measurements and technical specifications are agreed - when it is signed by both parties that's when you would normally pay your deposit - so they are contracted too.

I do understand your concerns, I too would be very reluctant to part with all that money upfront. We normally pay a deposit for our purpose made windows and doors, then balance on delivery.
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