A building and construction contract must fulfill the same requirements as any other type of contract in regard to matters such as offer and acceptance, sufficiency of consideration, certainty, and the like. Such a contract generally provides not only for the construction of the project, but also for many matters that are incidental to the project. Thus, it may provide for the carrying of liability, workers' compensation, and fire insurance policies, designating which party is responsible for obtaining particular insurance. A building and construction contract will typically specify the duties, responsibilities, and liabilities of each of the parties, as well as those of any employed architect or engineer. The amount and method of compensation is, of course, an important part of such a contract.
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Interesting Questions
Keep all documents related to your new construction, including contracts, receipts, and communication with the builder. These will come in handy if issues arise later on, so better safe than sorry!
If something’s bothering you during the build, don’t keep it bottled up. Voice your concerns to the builder as soon as possible. Clear communication is key to keeping things running smooth.
You sure can! Don’t be shy about negotiating. Builders often have some wiggle room, so if there’s something important to you, speak up and see if you can reach a better deal.
If construction runs behind schedule, your contract should outline the process for handling delays. It’s a great idea to have open communication with your builder to get updates and resolve any bumps in the road.
To make sure the builder keeps their word, check their track record. Look for reviews, ask for references, and don’t hesitate to ask tough questions. If they’ve built a solid reputation, you’re on the right path.
When inspecting a new construction contract, keep an eye out for details like the timeline for completion, payment schedules, warranty information, and any contingencies. It’s all about the fine print, so make sure you understand what you’re signing up for!