This form is designed for use between Foundation 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 Foundation Contract for Contractor
Category:
State:
Tennessee
City:
Memphis
Control #:
TN-00462-3
Format:
Word;
Rich Text
Instant download
Description
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FAQ
The Home Improvement law prohibits contractors from asking for a down-payment of more than 1/3 of the total contract.
A: It's not uncommon for contractors to ask for a down payment up front to secure your spot on their schedule or purchase some of the job materials in advance. Asking for more than half of the project cost up front, though, is a big red flag.
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.
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.
Generally, a standard down payment is between 10% and 25% of the project cost. You might see up to 30% for smaller jobs, such as paying professional house painters. Those dealing with more in-depth and costly projects, like general contractor down payments, tend to be closer to the 10% price range.
A handyman in Tennessee is not required to hold a state license unless the job they are working on is worth more than $25,000. A home improvement license is required for remodeling jobs worth between $3,000 and $24,999. Licenses are awarded by the Department of Commerce and Insurance Board for Licensing Contractors.
Application Fee - $250.00 and issued for two (2) years. License Approval - It takes approximately 4 to 6 weeks to be granted a license (do NOT contract, bid or offer prior to obtaining a license). Board review and approval is required.
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.
Elements of a Construction Contract Name of contractor and contact information.Name of homeowner and contact information.Describe property in legal terms.List attachments to the contract.The cost.Failure of homeowner to obtain financing.Description of the work and the completion date.Right to stop the project.
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,