How much of a deposit should you give a contractor?

Payment Schedule In Your Contract Before any work begins, a contractor will ask a homeowner to secure the job with a down payment. It shouldn't be more than 10-20 percent of the total cost of the job. Homeowners should never pay a contractor more than 10-20% before they've even stepped foot in their home.

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North Carolina Concrete Mason Contract for Contractor

Concrete Contract

Name: North Carolina Concrete Mason Contract for Contractor
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (324 reviews)

Category:

North Carolina Construction - Contractors - Concrete Masonry

State:

North Carolina

Control #:

NC-00462-18

Format:

Instant download

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Description

This form is designed for use between Concrete Mason 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 North Carolina.

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FAQ

Current Law: North Carolina law currently requires any building construction or alteration project costing $30,000 or more to be superintended (supervised and managed) by a general contractor licensed in this state.This duty can only be delegated to a general contractor licensed in this state.

The maximum allowed is $10,000. Also, contractors that have provided materials and labor to property may have lien rights against the real property.

North Carolina requires that anyone who contracts with another person or entity to construct or make improvements to any building, highway, or public utilities, including grading, or who undertakes to superintend or manage such activities, be licensed as a general contractor if the work costs $30,000 or more.

Payment Schedule In Your Contract Before any work begins, a contractor will ask a homeowner to secure the job with a down payment. It shouldn't be more than 10-20 percent of the total cost of the job. Homeowners should never pay a contractor more than 10-20% before they've even stepped foot in their home.

If the contractor requests a large sum of money before work has begun, Mozen says you should ask specifically what types of work or materials those payments are covering.Contractors sometimes have other motives, other than purchasing materials, when they ask for large amounts of money in advance, Fowler says.

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.I recommend tying payments to progress made during the job.

You shouldn't pay more than 10 percent of the estimated contract price upfront, according to the Contractors State License Board.

The North Carolina Licensing Board does not have full reciprocity with any other state. We currently have examination waiver agreements with South Carolina, Tennessee, Louisiana, Georgia, and Mississippi (see details regarding exam waivers).

Concrete Contract

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FAQ

Can you be your own contractor in North Carolina?

How much can a contractor ask for upfront in North Carolina?

Do contractors have to be licensed in North Carolina?

How much of a deposit should you give a contractor?

Can a contractor ask for more money?

Is it normal to pay a contractor half up front?

What percentage should you pay a contractor up front?

What states reciprocity with North Carolina General Contractors License?

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