I am a contractor and have agreed with a home owner to do repairs covered by an insurance settlement. the bank is holding the money and refu...

Question

I am a contractor and have agreed with a home owner to do repairs covered by an insurance settlement. the bank is holding the money and refuses to release any until the job is complete. The total job is over $80,000.00. I am insisting on a down payment and regular inspection and draws for work completed. can the bank hold the money until the job is finished? Is there a law that says that the contract is not valid until a down payment has been given?

Answer

All of the issues you mention are for the parties to negotiate and spell out in the contract. You don't have to get a down payment if you don't want to.