Most builders require a build contract which states the when and what payment is due during the build phase. We call these stage payments, but they can be called progress payments too.
Where stage payments are involved it is important that the build contract states that title to the boat is transferred to you upon payment of the deposit. This gives you some protection should the builder cease trading you have at least got ownership of the part built vessel.
The build contract will state the stage of the build process when each stage payment is required. We require you to employ an approved surveyor to confirm the build is meeting the timing stated and is compliant with RCD and other current legislation.
The first payment to the builder is from you. We will make subsequent payments to the builder as per your build contract and surveyor sign off.
At the end of the build you will have a brand new boat, signed off by a surveyor and a marine mortgage from ourselves as agreed at the outset.
Here is a link to new build we completed in 2016 https://www.marine-finance.org/news-events/fit-out-phase-of-a-sail-away-looking-good/