Another alternative to prepayment is to have an agreed deposit placed in escrow subject to certain conditions being performed like contractor completing satisfactorily an equivalent amount of the work. Lien releases are written and signed statements from the contractor that warrants all employees, subcontractors and suppliers involved in the job have been paid. Employees, subcontractors and suppliers have the legal right to file a lien on the property to which their labor or materials is attached. Don't tender payment without exchanging it for a lien release that transfers this liability to the contractor. Writing the check to both the contractor and supplier is additional insurance that it won't come back to haunt you.
CMs handle the complex scheduling of various trades to ensure smooth job progress.
Understanding the sequence of construction events is essential. Don't release funds unless satisfied that the job is complete. Construction managers are masters in piecing together complex projects and getting the best value for your money. There is too much at stake to risk trying to do this yourself. Don't go down this road without one.