Oregon Account Stated for Construction Work is a legal concept that plays a crucial role in the construction industry. It refers to an agreement or understanding between parties involved in a construction project regarding the amount owed for labor, materials, and services provided. The concept of Account Stated is intended to mitigate disputes related to payments and ensure fair compensation among contractors, subcontractors, suppliers, and other parties involved in the construction process. In Oregon, there are different types of Account Stated for Construction Work, including: 1. Construction Contracts: When parties enter into a construction contract, they often establish an agreed-upon sum for the work performed. This amount becomes the account stated, creating a legally binding obligation for payment. 2. Change Orders: Construction projects often undergo changes or modifications during the course of the work. In such cases, change orders are issued to adjust the scope of work and corresponding costs. These change orders can form separate account stated agreements, ensuring that all parties acknowledge and agree to the new payment terms. 3. Subcontractor Agreements: In construction projects, general contractors often hire subcontractors for specialized tasks. The subcontractor agreement outlines the payment terms and scope of work. Once both parties agree and sign the agreement, it becomes an account stated, establishing the payment obligations between the general contractor and subcontractor. 4. Material Supply Agreements: Suppliers of construction materials may enter into agreements with contractors or subcontractors for the provision of materials necessary for a project. These agreements typically include pricing, quantities, and terms of payment. Once both parties accept and acknowledge the agreement, it becomes an account stated, ensuring timely payment for the provided materials. The purpose of an Oregon Account Stated for Construction Work is to prevent payment disputes and facilitate efficient payment processes. It enables parties to have a clear understanding of their respective obligations and ensures that everyone involved receives fair compensation for their contributions to the construction project. By documenting agreements and reaching a consensus on the account stated, potential conflicts over payment are minimized, fostering better relationships and smoother operations within the construction industry in Oregon.
Oregon Account Stated for Construction Work
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How to fill out Account Stated For Construction Work?
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10 years after substantial completion or abandonment. Exceptions: 6 years after substantial completion for a large commercial structure.
An owner, contractor or subcontractor may withhold as retainage an amount equal to not more than five percent of the contract price of the work completed. Partial payment allowed under this subsection is not acceptance or approval of some of the work or a waiver of defects in the work.
The law does not require a specific time for warranty protection. A typical new home warranty protects against structural defects for five to ten years and promises to repair or replace major systems for one to two years. You may select the time period for the warranty. How much can you charge for the warranty?
Handyman exemption The threshold for performing certain work without a contractor license increased from $500 to $1,000. To qualify for the exemption, a contractor must perform work that is casual, minor or inconsequential. This means that the work cannot: Be structural in nature.
Jobs that you can perform unlicensed include: Cleaning gutters. Cleaning debris. Power washing. Jobs that are otherwise minimal and inconsequential in nature.
Generally, Oregon law requires anyone who works for compensation in any construction activity involving improvements to real property to be licensed.
Projects that do not require a license from the CCB include gutter cleaning, power & pressure washing, debris clean up (yard or construction site), and handyman work on projects with a contract value of $1,000 or less.
When an unlicensed contractor is discovered by an owner, they must then contend with a litigious opponent and a court system that won't look kindly on them, not to mention the CCB. The penalty for contracting without a license in Oregon jumps up to $5,000 per offense when an owner has filed a complaint for damages.