HOW PRICELOCK WORKS
PriceLock
BEFORE YOU CHOOSE A CONTRACTOR
Compare the price and completion date. Understand when the contractor owes you $1,000 per day for late completion before you choose.
The accepted terms become part of your PriceLock agreement, together with the agreed conditions and exceptions. Completed work is independently verified, and milestone payments follow the agreement’s verification and release conditions.
01
Price protection starts with the scope
Agree on the complete work and a firm price before signing. Make selections, allowances, and exclusions explicit. Any change to scope, price, or timing follows the agreement’s approval process.
02
Late completion costs the contractor
If your contractor misses the agreed completion date, they owe you $1,000 for each day of late completion. The signed agreement defines when it applies, including approved extensions and exceptions.
03
Daily visibility keeps you informed
Know who is working in your home. See daily updates and photos, the next planned work, and any issue that needs your decision.
ILLUSTRATIVE SCENARIO
THE PROMISE
THE SURPRISE
THE DISRUPTION
When the lowest bid costs more
$200,000
+$56,000
Another month
A bid. A six-week schedule.
Missing scope and added costs.
Your household still on hold.
Then the check clears. Missing scope appears. The date slips. Now you need another $56,000—and another month out of your home.
The lowest bid can become the most expensive promise.
THE SEQUENCE
01
Define
Your team documents the scope, drawings, selections, and allowances before the project goes out to bid.
02
Align
Agree on the price, schedule, payment milestones, and responsibilities. Late completion carries $1,000 per day owed by the contractor under the agreement.
03
Secure
Fund each labor milestone before it starts and prefund materials separately. Confirm the funding provider and payment conditions.
04
Build
Follow the people, daily progress, photos, and upcoming work. A change needs approval and funding before it proceeds.
05
Verify
An independent inspector checks the milestone against the approved plans and specifications, without seeing project prices.
06
Release
Authorize payments under the agreed rules. Contractor profit and general requirements wait for milestone inspection; approved supplier and trade payments may occur earlier.
07
Record
Keep what was agreed, built, verified, and paid in your Home Record, along with the people, selections, and warranties behind the work.
TWO KINDS OF MONEY
Materials & trade progress
Suppliers can be paid when an order is authorized. For agreed long tasks, subcontractors may receive progress payments of up to 50% before inspection, with the balance afterward. Some tasks may be paid on completion without inspection when defined in advance.
Contractor payment & closeout
Contractor profit, project management, and general requirements release only after milestone inspection. The final 10% is the final walkthrough and punch-list milestone.
Release & confirmation
The designated person separately authorizes payment when the release conditions are met. Record payment confirmation when it occurs.
Three responsibilities, kept separate. The designer reviews design intent and selections. An independent verifier identified in the project agreement checks completed work against the agreed requirements. The authorized person approves payment after the agreed release conditions are satisfied. A design review does not replace verification, and a verification result does not automatically release money; it is the evidence the authorized person relies on.
SEE THE DECISIONS BEHIND THE COMMITMENT
See how PriceLock works through a kitchen renovation—from setting the terms to checking work and releasing payment.
The project scenarios and sample records are illustrative. They explain the PriceLock approach and are not customer results or live product screens.