This office lease provision states that the landlord and the tenant mutually acknowledge a good faith estimate, but that only the real estate brokerage fee has actually been determined. Thereafter, the agreed upon sum will be adjusted, increased or decreased, accordingly to reflect the actual sum once determined.
Massachusetts Provision to Include Final Billing
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FAQ
When a Bill has been Enacted by both the House and Senate and signed by the Speaker of the House and Senate President, it is sent to the Governor's desk. The Governor now has several options regarding this Bill. First, the Governor can simply sign the Bill and it becomes a law.
By law, the contractor cannot collect more than 1/3 of the cost of the contract in advance, unless special order materials are needed.
Substantial completion is defined as when the ?work under the written contract is sufficiently complete so that it can be occupied or utilized for its intended use.?
On private projects, Massachusetts Prompt Pay law requires property owners to make progress payments to Prime Contractors within 45 days after approval of invoice. The invoice must be approved or denied within 15 days.
For relatively small jobs, like a $16,000 bathroom remodel, contractors may ask for a 50% deposit. For large jobs, like a $100,000 full-home renovation, a 10%?20% deposit is more typical.
It is illegal and unethical to try to add charges after the fact, even if they are legitimate charges. From a professional standpoint, it also makes you look bad at the end of a project. You may have a different way of collecting those additional charges, but there are a few things to consider before you act.
On private projects, Massachusetts Prompt Pay law requires property owners to make progress payments to Prime Contractors within 45 days after approval of invoice. The invoice must be approved or denied within 15 days.
A typical prepayment runs about 20-33% of the job. Net 10, 30 and 60: A net payment means payment is due 10, 30 or 60 days from the date of the invoice. Pay-when-paid: This is a common clause in a contract that means the subs on the job will get paid when the homeowner pays the general contractor.
