This state specific form addresses issues for subcontract work including: identifying the parties, identifying the jobsite, describing the work, scheduling the work, payment amount, payment schedule, change orders, contractor’s delay in commencing work, late payments, dispute resolution, excusable delay, concealed conditions, insurance, and contract interpretation.
Colorado Springs Colorado Subcontractor's Agreement
State:
Colorado
City:
Colorado Springs
Control #:
CO-00481-CPK
Format:
Word
Instant download
Description
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FAQ
Simply put, a Subcontractor agreement is a risk control strategy which shifts risk from one party to another. With such an agreement, the contractor is protecting themselves from risk derived from the work of their Subs.
Sub-contractor agreements are formal written documents that outline the terms and scope of work for the sub-contractor in a project. They spell out the duties of the contractors and subcontractors and how they should relate with each other until the project is concluded.
A property owner to pay the withheld percentage within 60 days after the contract is completed satisfactorily; A contractor to pay a subcontractor for work performed under a subcontract within 30 calendar days after receiving payment for the work, not including a withheld percentage not to exceed 5%;
Disadvantages of Subcontracting Lack of staff development. Contractors will use more time researching potential subcontractors. Contractors will lose their control over the timeliness and quality of work. Poor performance quality.
When all is said and done, hiring a subcontractor is about 20 to 30 percent more cost effective than hiring full-time additional staff.
Definition of subcontractor : an individual or business firm contracting to perform part or all of another's contract.
In some cases, subcontractors can charge more per hour than they would as a general contractor due to this specialized experience. Most of the time, however, you will make less money. Typically, contractors are paid more because they're responsible for their own work and coordinating their subcontractors.
Typically, a contractor works under a contractual agreement to provide services, labor or materials to complete a project. Subcontractors are businesses or individuals that carry out work for a contractor as part of the larger contracted project.
Calculating a good rate for a subcontractor should start with the basics: labor plus materials. Profit is typically between three and five percent of the project total. But overhead is a topic that many contractors find confusing.
8 things a subcontractor agreement should include Business information. Include names, businesses names, and contact information for both the subcontractor and the hiring contractor.Scope of work.Payment terms.Change orders.Licensing and insurance coverage.Dispute resolution.Termination clause.Flow-down provisions.