This form is designed for use between Framing 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 Indiana.
Indiana Framing Contract for Contractor
Category:
State:
Indiana
Control #:
IN-00462-2
Format:
Word;
Rich Text
Instant download
Description
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FAQ
The five requirements for creating a valid contract are an offer, acceptance, consideration, competency and legal intent.
There are two generally accepted accounting methods used to account for construction contracts; the percentage of completion method (PC) and the completed contract method (CC).
Get it in writing. Keep it simple. Deal with the right person. Identify each party correctly. Spell out all of the details. Specify payment obligations. Agree on circumstances that terminate the contract. Agree on a way to resolve disputes.
Indiana law requires home improvement contracts exceeding $150 to be in writing. Before signing the contract, make certain it includes: The price of the job. Payment schedule.
Standard construction contracts should have the following information and clauses: Name of contractor and contact information. Include the contractor's license number along with phone number, email address, and company address. Name of homeowner and contact information.
Look for assistance from others who may have bid on construction contracts in the past or review a list bid service companies you can find through FedSpending.org or USASpending.gov. In addition to helping you locate and complete bid documents, a bid service may also alert you to available subcontracting opportunities.
Identifying/Contact Information. Title and Description of the Project. Projected Timeline and Completion Date. Cost Estimate and Payment Schedule. Stop Work Clause and Stop Payment Clause. Act of God Clause. Change Order Agreement. Warranty.
General Requirements are used as the clearinghouse for items that do not apply directly to construction, the cost of which are customarily spread out over the entire project. These costs are also referred to as project overhead. For estimating purposes, either term is acceptable.
Your general contractor should provide proof of licensing, bonding and insurance before a project starts, but it's better to have it in hand before you sign any contracts. It's important that contractors carry any licensing and/or certification required for the specific trade or skill they practice.