This form is designed for use between Renovation Contractors and Property Owners and may be executed with either a cost plus or fixed fee payment arrangement. This contract addresses such matters as change orders, work site information, warranty and insurance. This form was specifically drafted to comply with the laws of the State of Tennessee.
Memphis Tennessee Renovation Contract for Contractor
Category:
State:
Tennessee
City:
Memphis
Control #:
TN-00462-16
Format:
Word;
Rich Text
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Description
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FAQ
A standard business license is needed from your county and/or municipal clerk if your gross receipts are $10,000 or more.
Everyone applying for a general contractor license in Tennessee will have to take and pass the state's Business and Law exam. Additionally, depending on what sort of license classification you are applying for, you might also need to take a particular trade exam. Each of these exams costs $55.
A Tennessee contractor's license is required BEFORE bidding or offering a price, for projects $25,000 and up (includes materials and labor), as a prime (general) contractor; and also subcontractors performing electrical, mechanical, plumbing, HVAC, roofing and masonry are also required to be licensed as a contractor,
As the homeowner who is commissioning the project, it's reasonable to withhold at least 10% as your final payment. Avoid paying in full upfront, and definitely avoid paying anything before the contractor has evaluated the project in person.
The average statute of repose governing construction defects runs for 6-12 years after substantial completion of the work under the contract.
The Home Improvement law prohibits contractors from asking for a down-payment of more than 1/3 of the total contract.
Here's how. Check Contract Basics. The basic job of a contractor agreement is to spell out the scope of the project's work.Set a Payment Schedule.Schedule Start and End Dates.Specify Change Orders.Research Your Arbitration Options.Turn Down the Contractor's Warranty.
Tennessee Handyman License Requirements Without a license, you can perform general construction, carpentry, and residential maintenance projects valued at under $3,000.
Anyone hired by the property owner is required to be licensed if they perform $25,000 or more of the work, as these contractors would be considered prime contractors since they are contracting directly with the owner.
The exact deposit amount contractors ask for upfront varies and is especially dependent on the size of the project. 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.
