Financier... This is a title that we don't seek or like at Rivera Engineering. But we have unwittingly become one, for several beautiful and high profile projects in big Texas, and downtown St. Louis Missouri. For one of the projects we have not seen a single payment in a year! :-(
We just love to do the Engineering part. And we expect that the funding part is covered by Others. It is not fun having to engage in collection activities.
If the project is for a reputable government or a well established industrial entity, we sub-contract and expect to be paid per the approved payment schedule. Shortly after the prime consultant gets paid.
When the project is for an individual or entity, that we still don't know very well, we may request a 10%-25% retainage depending on project size. This seems to be the industry standard these days. After fully knowing each others the dealings can become more flexible.
Hopefully everybody can understand this, our very simple funding policy. All the Best!