Sample Of Cost Plus Contract For Construction In Maryland
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The terms of the contract must be agreed upon mutually. An offer is made, understood by both parties, and accepted. Both parties must agree to the same thing. This is sometimes referred to as “a meeting of the minds.”
Obtaining the License Attend licensing workshop (optional). Pass examination administered by PSI Examination prior to applying for license. Register trade name with Assessments and Taxation (410) 767-1330. Demonstrate financial solvency. Provide credit report. Provide certificate of liability insurance.
Home improvement contractors must be licensed with the Maryland Home Improvement Commission (MHIC). However, it is common for people to take shortcuts or completely avoid this law. The penalties for doing so can be severe, especially if you want to stay in the contracting business in Maryland.
A home improvement contract must contain the contractor's name, address, telephone number, and MHIC license number. If a salesperson solicited or sold the home improvement, then the contract must also contain the name and license number of each salesperson.
The three general categories of costs included in manufacturing processes are direct materials, direct labor, and overhead. Note that there are a few exceptions, since some service industries do not have direct material costs, and some automated manufacturing companies do not have direct labor costs.
