We are trying to create a promissory note for a fix and flip project where funds will be released based on completed milestones. Does anyone have a good example of such a clause?
"Progress Payments" typical of a contractors bid authorization:
- 10% binding fee
- 40% complete -> 30% payment
- 70% complete -> 30% payment
- 100% complete -> 30% payment
Thanks @Jeff B. , but I am really looking for the verbiage in a promissory note to show the draw percentages.