Great advice. Hate to hear about contractors not living up to their agreements. Situations like this can tank what was originally a great opportunity.
One way to minimize this kind of exposure is to thoroughly evaluate contractor options before selecting one. Get references from them, and actually check them. Look closely at their web site for examples of their work, testimonials, etc.--and if they don't have a web site, that might be a reason not to hire them in this day and age.
Also take a look at their BBB ratings and their Angie's List ratings.
You do have to subscribe to Angie's List, though, (
www.angieslist.com) to access the contractor's ratings.