Construction Contract Cost Plus Withholding In North Carolina
Description
Form popularity
FAQ
North Carolina grants owners an exemption to act as their own general contractor if they meet the following requirements. The property MUST be listed in your name. The property CANNOT be for rent, lease or sale for one year after the project is completed.
North Carolina's retainage limits and deadlines On private projects within the state, retainage will be governed by the terms of the contract. Retainage on such public projects is capped at 5% of each progress payment. Upon 50% completion, retainage must no longer be withheld unless the job progress is unsatisfactory.
Anything below $40,000 as of October 1st, 2023, is fine. You don't have to have a general contractor license in the state of North Carolina to do any sort of work that would be qualified as a general contracting type job.
NC general contractor license limits LicenseWorking capital needed to avoid a bondProject limit Limited $17,000 $750,000 Intermediate $75,000 $1.5 million Unlimited $150,000 Unlimited
If an application is submitted with a completed exam, the licensing process takes about 30 days. If an exam is required, it will depend on when exams are successfully completed. It takes about 2 to 3 weeks after exams are completed before a license to be granted.
Does North Carolina limit the amount of retainage that can be withheld? Retainage is limited to 5% of each progress payment until 50% completion of the project. Upon 50% completion, retainage will not be withheld from any subsequent payments.
North Carolina grants owners an exemption to act as their own general contractor if they meet the following requirements. The property MUST be listed in your name. The property CANNOT be for rent, lease or sale for one year after the project is completed.
How long does it take to get my permit? Once the application is turned in, it usually takes between 3 and 4 weeks.
Obtaining your building contractor license in the state of North Carolina typically takes at least 30 days. This timeline includes about two weeks to process your application and time for the board to approve your license.
