The general contractor could be one person or a large firm specializing in general contracting. On a construction project, an owner will hire a general contractor to oversee the entire project. Read more: Contractor Payment Schedules: What’s the Best for My Project? Any part of the contract is up for negotiation - pay schedules, price, discounts - so, ideally, the parties will reach terms that work for both sides. They two set the terms when they negotiate the contract.
The payment terms of a contract are the result of an agreement between a contractor and subcontractor. Mechanics liens: What happens when payment terms aren’t met.Common payment terms on medium projects.Common construction payment terms by project size.