Money taken before work starts, usually to cover materials and to prove the customer is serious. What a residential contractor may ask for up front is not entirely your decision: several provinces and states cap the deposit on home-improvement contracts, or restrict what the money may be spent on before the work begins, and the cap is different in each. Check the rule where the work is before you settle on a standard percentage.
This one depends on where you work
The rule behind deposit is set by the province or state the work is in, and the versions do not agree with one another. We have described the shape of it and deliberately not named a deadline, a cap or a percentage — check the rule where you work, or ask someone who practises there.
In FieldQuo — Take a deposit to hold the slot
FieldQuo can charge a booking fee when a client reserves the slot and credit it against the invoice when the work goes ahead.
Related terms
- Progress paymentA payment due partway through a job, tied to a stage of the work rather than to a date.
- Cash flowThe timing of money coming in and going out, which is a separate question from whether the work is profitable.
- Cooling-off periodA window after signing during which a customer may cancel and walk away without penalty, typically for contracts signed at their door rather than at your premises.
- ContractThe agreement between you and the customer about what will be done, for how much, and on what terms.
Every document in your name, not ours
Quotes, invoices and scheduling for field-service businesses. Your first 14 days are free — your card isn't charged until they end.
Start free trial