Extract Data From Legal South Carolina Subcontractors Forms For Free

An MOU is typically drawn up between a general contractor and subcontractor or a project owner. An MOU between two construction companies is frequently used to begin the relationship and set the tone between contractors before the issuing of a formal contract.

The South Carolina prompt payments statutes apply to payments both ways, up and down the payment chain. A contractor or supplier will be entitled to payment when the perform in ance with the contract or subcontract provisions and they submit a payment request.

When a contractor or a subcontractor has performed in ance with the provisions of his contract, the owner shall pay the contractor by mailing via first class mail or delivering the undisputed amount of any pay request within twenty-one days of receipt by the owner of any pay request based upon work completed or ...

7. SC Code § 29-6-50 permits a contractor to assess interest in the amount of one percent per month of the unpaid undisputed amount of a periodic or final pay request not paid within 21 days of receipt of the pay request, providing notice is given as required by the law.

Below, we've listed eight pieces of information that are included in most subcontractor agreements. Business information. ... Scope of work. ... Payment terms. ... Change orders. ... Licensing and insurance coverage. ... Dispute resolution. ... Termination clause. ... Flow-down provisions.

If a periodic or final payment to a contractor is delayed by more than twenty-one days or if a periodic or final payment to a subcontractor is delayed by more than seven days after receipt of periodic or final payment by the contractor or subcontractor, the owner, contractor, or subcontractor shall pay his contractor ...