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I believe that I would steer clear of that job or contractor in general.
Try to negotiate the contract for cash payments at the end of every week with 100% of the money for materials up front. In other words offer them something that is as far in left field as what they offered you. They will back up rather quickly and tell you how crazy that is.
Like someones signature says "I never lost a penny on a job I did not take".
Holding 10% for a year is pretty standard around here. What you have to watch for is wording to the effect that if a claim is made the year starts all over. If you have a guarantee claim on the 364th day of your year and send someone out to fix it, even if it only takes a couple hours, your year of holding 10% starts again.