Understand Traditional Payment Terms and Vulnerabilities

What happens here

The speaker, a contractor, introduces the core business problem: clients can manipulate payment terms, regardless of how well-defined they are. He outlines his typical payment structure: a $100 non-refundable down payment to secure the job, half the total cost due at the project's start, and the remaining balance due upon completion before equipment is removed. He emphasizes that this structure can leave contractors vulnerable.

Goal: Recognize potential pitfalls in standard payment terms.