icon
41
42
43
44
45
icon

All
Introduction
Preparation and Planning
Financial Management
Construction Process
Regulatory and Compliance
Post-Construction Management
Land and Site Considerations
Team and Project Management
Utility and Infrastructure Planning
Resource and Materials

01.
 
How to Use the Step Guides
02.
 
Understanding Your Reasons for Building
03.
 
Key Things To Factor When Building
04.
 
Site Analysis and Pre-Design Assessment in New Home Construction
05.
 
Researching the Building Process
06.
 
Using the Simpli Portal for Building Consent and Compliance
07.
 
Setting a Preliminary Budget
08.
 
Choosing the Best Hardware Store for Your New Build
09.
 
Land Ownership Types in New Zealand
10.
 
Maximising Cash Flow in Construction
11.
 
Cost Components of a New Build
12.
 
Land Terrain Types and Their Influence on Building
13.
 
Environmental Impact Assessment in New Home Construction
14.
 
Matching Property Types to Your Land Choice
15.
 
Deciding on the Type of House to Suit Your Land and Project
16.
 
Architectural Considerations and Planning Permissions
17.
 
Choosing the Right Builder
18.
 
Assembling the Right Team
19.
 
New Build Project Management Tools
20.
 
Building Contract Guide for Clients
21.
 
Due Diligence and Contracts in Building Projects
22.
 
Change Order Management in Construction Projects
23.
 
Financing Strategies for New Build Homes
24.
 
Progressing Planning and Designing
25.
 
Design Principles for Your New Home Build
26.
 
On-grid vs. Off-grid Living
27.
 
Foundation Types for New Zealand New Builds
28.
 
External Cladding Options for New Zealand Homes
29.
 
Interior Cladding Options for New Zealand Homes
30.
 
Flooring Options for New Zealand Homes
31.
 
Utility Connection Planning
32.
 
Finalising Your New Build Construction Plans
33.
 
Key Consents for New Build Projects
34.
 
Finalising Detailed Architectural Plans and Building Specifications
35.
 
Recheck and Reforecast Your Build Costs
36.
 
Regular Financial Audits
37.
 
Keeping a Debits and Credits Log for Construction Expenses
38.
 
Construction Phase Contingency Planning
39.
 
Effective Risk Management Strategies in Construction Projects
40.
 
Breaking Ground on The New Build
41.
 
Essential Construction Material Order Timings for New Builds
42.
 
Site Visits for Building Inspections and Material Delivery
43.
 
Understanding Milestone Payments in Construction Projects

44.
 
Laying Foundations and Frameworks
45.
 
Security and Site Management During Construction
46.
 
Installing Roof Stage
47.
 
Quality Control Checks During Construction
48.
 
Installing Windows and Doors Stage
49.
 
Preparation and Treatment of Exterior Cladding Materials
50.
 
Installing Exterior Cladding
51.
 
Completing Electrical Pre-Wire
52.
 
Completing Plumbing Pre-installation
53.
 
Completing Insulation Installation
54.
 
Preparation and Treatment of Interior Cladding Materials
55.
 
Installing Interior Cladding
56.
 
Post Installation Interior Wall Preparation and Treatment
57.
 
Post Interior Cladding Installation Cleaning
58.
 
Installation of Flooring in New Home Construction
59.
 
Installation of Kitchen in New Home Construction
60.
 
Installation of Bathroom and Toilet in New Home Construction
61.
 
Installing Fixtures and Fittings in New Home Construction
62.
 
Final Electrical Fit Out in New Home Construction
63.
 
Final Plumbing and Gas Fit Out in New Home Construction
64.
 
Installation of a Deck in New Home Construction
65.
 
Final Cleaning and Detailing
66.
 
Installation of Window Treatments in New Home Construction
67.
 
Final Inspection and Certifications for New Home Construction
68.
 
Practical Completion and Handover to Homeowner in New Home Construction
69.
 
Post-Construction Reviews
70.
 
Financial Planning for Long-Term Property Maintenance
71.
 
Post-Construction Warranty and Maintenance Information
72.
 
Community and Neighbourhood Integration
73.
 
Planning for Sustainability in Your New Home
74.
 
Home Enhancement and Upgrades
75.
 
Resale Preparation and Valuation
76.
 
A Real Example of a New Build Using The realtor.co.nz Build Guide

Previous Step
Do you need help with this step?
Next Step
Do you need help with this step?
Build / Step 43 of 76

Understanding Milestone Payments in Construction Projects

Milestone Payments in Construction

Milestone payments are designed to align with important stages during the construction process. These carefully selected stages represent significant milestones in the project's progress. Here are some examples of these milestones, highlighting the specific event that triggers each payment:

Foundation Completion: Payment is made after the concrete foundations have been supplied and installed. This marks a shift from initial groundwork to vertical construction.

Frames and Trusses Installation: The next payment is made once the structural frames and roof trusses are in place, forming the basic structure of the building.

Lock-Up Stage Achievement: Payment is due when the project reaches the lock-up stage, characterised by the installation of the roof, windows, and doors. This secures the building from external elements.

Exterior Cladding Finish: This milestone is achieved when the exterior cladding has been fully installed, providing protection to the structure and enhancing its outward appearance.

Interior Lining Completion: Payment follows the completion of interior lining work, including walls and ceilings. This prepares the inside of the building for further finishing touches.

Practical Completion: The final payment is made upon practical completion, where the construction is finished according to contract specifications and ready for the owner to occupy.

These examples demonstrate how milestone payments can be structured throughout a construction project.

Benefits of Milestone Payments:

Predictability: Establishing clear milestones provides both the construction client and the company with a predictable payment schedule, aligning financial planning with project milestones.

Cash Flow Management: For the construction company, these structured payments ensure a steady cash flow, enabling timely procurement of materials and payment of labor throughout the project.

Quality Assurance: Each payment is contingent upon satisfying the criteria for the respective construction phase, incentivizing the construction company to uphold high-quality standards across all stages of the project.

This milestone-based payment framework not only facilitates effective financial management for both parties but also reinforces a commitment to quality and efficiency throughout the construction process.

 

milestone payments in construction, construction project management, efficient cash flow construction, quality assurance construction stages, construction payment schedule, foundation installation payments, frames and trusses payment, lock-up stage financing, exterior cladding completion payment, interior lining finish payments, practical completion in construction, financial planning for construction, construction project predictability, managing construction payments, construction financial milestones, securing construction progress payments, construction cash flow optimization, construction quality incentives, final payment construction project, construction payment strategies, milestone-based payment benefits, construction project payment solutions, streamlined construction financing, construction payment criteria, construction stage payments.


Previous Step
Do you need help with this step?
Next Step
Do you need help with this step?