Extract Data From Legal Massachusetts Contractors Forms For Free

Contractors cannot ask for a deposit of more than 10 percent of the total cost of the job or $1,000, whichever is less. * (This applies to any home improvement project, including swimming pools.) Stick to your schedule of payments and don't let payments get ahead of the completed work.

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.

REMEMBER The down payment cannot be more than $1,000 or 10 percent of the contract price, whichever is less, for a home improvement job or swimming pool, excluding finance charges. There are no exceptions for special-order materials.

As a general contractor, this is your profit margin, or in other words, the amount left over after paying all of the costs of the job. A typical contractor markup is usually calculated by percentage, with the average markup varying from 7% to 20% or more.

Average general contractor rates Our research indicates that general contractors charge about 10 ? 20% of a project's total construction costs. A big general contractor company can charge upwards of 25% of a project's costs.

General contractors (GC) charge between 10% and 25% of the total construction costs for their services. This type of fee is called ?cost-plus.? That just means that general contractors won't charge you by the hour. For smaller jobs, budget 15% of the total construction costs.