My company bid and landed a commercial job that we bid for $253k for an apartment complex updates. Before we signed the formal agreement I said we would not do the project unless we had progress payments as they wanted one invoice at the end. They agreed that we would split the project into six phases and they would pay after each phase. They said they needed net 45 payment. Today is day 46 and I haven’t been paid. Current outstanding balance is $96k. Do i send a letter that they are past due? Or do I just wait? We are finishing up phase 5 and getting ready to start phase 6 next week. I need the money as my line of credit is tapped out but I’m concerned if I send an email they will purposely withhold or delay the next payments. Anyone have any advice? We have only ever done residential work and are trying to break into commercial.
And they are asking us to bid another project with them now.