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For an extensive renovation of a manhattan apartment -- five bathrooms, kitchen, replacing all flooring and stairways -- would you recommend hiring the GC on a fixed price bid or on a time and materials basis?
You would be better off getting a fixed price so you know where you are with the money, time and material would be good when you think you can expect additional work (ex. didn't plan changing the plumbing but once the wall is removed you find out the the pipes are in a very bad shape...)
If you need an estimate feel free to email me at firstname.lastname@example.org
Agreed - at that size job, a fixed price for a well-defined scope of work is the way to go. Structure the progress payments in an agreeable way and reserve 10% until completion of all permit signoffs and punchlist.
The contract can also set hourly rates per trade for additional work you authorize on a T&M basis. That way you can do small change orders T&M (faster to get started, and sometimes cheaper), and get fixed pricing for medium-to-large changes.
If you're spending that much money, you might want an architect to handle construction administration (basically ongoing oversight and invoice review); if so you could choose one of the AIA form contracts which are well-tested and provide for all this and much more.
R u nutz? Fixed pricing with time.
If you are a fking 'professional' you should be able to get an estimate. If they fk up on the estimate then 'they' eat it.
It's plaster and paint, this ain't the pentagon. Flmaozz. If not get a different bid.
Remember they'll put a worker's lien if you don't pay. You can sue their azz if they can't perform.
Why are contractors given a pass?
fixed price for the work and if you want, you can keep the finish materials (floors, vanities, lamps, etc) as a separate item.
Whatever you do, be sure to take business & contract advice from contractors/architects/designers ... they have only your interests at hart.
I agree with everyone else in regards to a fixed bid. The problem with time and materials is how much time should each item take. If the person you hire is slow at completing tasks it would cost you more then another. What if there are delays beyond anyones control? Does that count?
I believe the smartest thing would be to have at least 3 contractors come out and give you proposals. Find the one you are most comfortable and then call for references and it wouldn't be a bad idea to go see some of their work.I would be happy to meet with you and go over all your options
and put a timeframe around it enforced by penalties. If you leave room, you will be taken advantage of and likely robbed in some way.