YARDLEY, PA, Sep 01, 2015—So you've chosen a contractor for that construction project. Great! Now it's time to draw up a contract. Below, Wes Foster, Founder & CEO of Long & Foster Real Estate gives us the ins and outs of what should be covered in that contracting contract.
“Finding a reputable contractor you trust and connect with is the first step to a well-done construction job,” says Foster. “The second step is drawing up a contract you understand and are comfortable with.”
According to the National Association of the Remodeling Industry, a well-written contract should contain the following information:
- The contractor’s name, address, telephone and license number, if applicable
- Details about what will and will not be done
- A detailed list of materials for the project, including model, brand name and color
- The approximate start date and substantial completion dates
- A written notice of your right to cancel a contract within three business days of signing, without penalty – provided the contract was solicited at some place other than the contractor’s place of business or appropriate trade premise
- Financial terms that are spelled out clearly, including payment schedules and any cancellation penalties
- A one-year minimum warranty identified as either “full” or “limited” to cover materials and workmanship, as well as the name and address of the party who will honor the warranty
- A binding arbitration clause, in the event a disagreement occurs
“You may also want to include a statement that you will not be responsible if payment to the contractor’s subcontractors and suppliers are not made,” recommends Foster. You may also want to establish that the contractor should obtain all the necessary permits and that all blank spots in the contract be filled in with phrases like “does not apply.”
For more information on home improvement, please contact Long & Foster Real Estate at firstname.lastname@example.org, 1-877-221-1776, or Long & Foster Real Estate.