Once you settle on which contractor to hire, think about having a watertight contract that will help with smooth operations throughout the project. A contract lays out the operational parameters, so the investor and contractor are on the same page for the starting point, process, and ending. A contract can be any form of agreement that the parties agree to. Many of the good ones include the following.
Description
Scope of work, materials to use from beginning to end of project, materials quality and brand. Blueprints, plans, and any other drawings should be attached to become part of the contract.
Permits, Licenses, and Inspections
Specific information like license numbers and all particulars should be included in the contract. It’s the responsibility of the contractor to provide them.
Timeline
Completion timelines to be spelled out clearly. These timelines will guide payment draws and final payment dates. Daily start and end times should be specified, even though the contractor may be operating independently.
(CONTINUED …..Please read more of what to include in a CONTRACT in the book “Why Do Contractors Lie?’ pages 120 – 124).
