Yes and no – the contract agreement must be clear and include dispute resolution avenues and time performance frame works. Money disbursements and hold backs on final payments must be specific. Often this will include penalties for untimely monthly payments. Most contractors assume a 10th of the month payment schedule, in order to pass on the 2% discount to the clients, for materials and labor supplied. At the same time, the only time performance, the client is guaranteed is the completion date.
The specification part of the contract should be crystal clear and written in plain language, with no need for legal interpretation. If you don’t completely understand what you’re getting as far as materials and finishes, STOP.
Remember, if you’re borrowing money from a family member, ABSOLUTELY have an attorney, or at minimum acquire a Stevens-Ness legal form, specifying responsibilities and performance from the office supply. This way you can stay in your family circle.