My payment schedule is
10% upon inking of contract.
45% start work.
40% upon completion of carpentry works.
5% upon handover.
I did try to negotiate the payment terms, but there isn't much to be discussed as they needed the cashflow to get the work done and order materials, it's one hand in, one hand out immediately. So much as I tried, most won't be willing to budge.
I had another one is
10% ink contract
20% upon start works
40% upon completion wet works
25% (1 week before carpentry works delivery)
5% upon handover.
This one is more 'after work complete' payment but their price is very high in the quotation.
Both contractors (and all I interviewed) were recommended and used by friends, so more or less still trustworthy. It's a hefty gamble to take depending on your renovation amount. Mine is about $108K (top ID) and $135K (bottom ID). I honestly am not comfortable also but they need the money to pay their subcons to start work. So...