In Maryland, "Account Stated" refers to a legal concept that applies specifically to construction work. It is a mechanism through which parties involved in a construction project can establish a legally enforceable agreement for payment. Essentially, it is a claim made by one party (usually the contractor or subcontractor) against another party (usually the property owner, general contractor, or developer) for work completed or services rendered. The purpose of a Maryland Account Stated for Construction Work is to ensure fair and timely payment for the services provided. It allows the contractor or subcontractor to request compensation based on the work performed, materials supplied, and other associated costs. By formally stating the account, the contractor seeks acknowledgment and agreement from the property owner or general contractor that the amount owed is correct and agreed upon. There are different types of Maryland Account Stated for Construction Work, depending on the parties involved and the specific circumstances of the project. These may include: 1. General Contractor Account Stated: In this case, the general contractor of a construction project requests payment from the property owner or developer for the work done by the subcontractors under their supervision. The general contractor consolidates all the subcontractors' accounts into one comprehensive account statement, which is then presented to the property owner or developer. 2. Subcontractor Account Stated: When a subcontractor directly performs work or supplies materials for a construction project, they may issue an account statement to the general contractor or property owner for the services rendered. This statement outlines the specific tasks completed, associated costs, and the total amount due. 3. Property Owner Account Stated: On occasion, the property owner or developer may seek an account stated from the general contractor to verify the amounts and ensure accuracy before making final payment. This allows the property owner to review the work performed, materials supplied, and any other charges before acknowledging the amount due. Regardless of the specific type, a Maryland Account Stated for Construction Work is crucial for establishing legal obligations and putting all parties on notice regarding payment expectations. It serves as a formal demand for payment and can be used as evidence in the event of a payment dispute or legal action. Keywords associated with Maryland Account Stated for Construction Work include construction project, payment dispute, contractor, subcontractor, property owner, general contractor, services rendered, materials supplied, account statement, acknowledgment, compensation, legal enforceability, and payment expectations.
Maryland Account Stated for Construction Work
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Instead, emails can satisfy any contract that requires written confirmations or approvals, so long as the surrounding circumstances and contract language suggest that the parties agreed to conduct their business via email. See Md. Code Ann., Comm. Law ? 21-104(b) and 21-108(b).
Maryland eliminated the subcontractor license category as of July 1, 2016. All application, examination, and renewal requirements have been eliminated. Home improvement subcontractors may work without a license when performing home improvements for an MHIC licensed contractor in the state of Maryland.
A contractor cannot accept more than 1/3 of the contract price as a deposit and may not accept any payment until the contract is signed. Also be careful about paying for more work than the work that has actually been completed. Small contractors may ask for an "advance" in order to purchase materials.
Asking for more than half of the project cost up front, though, is a big red flag. A reputable and established contractor should have the wherewithal to purchase enough materials to get the job started without relying on your down payment. I recommend tying payments to progress made during the job.
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 $15,000 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.
A contractor cannot accept more than 1/3 of the contract price as a deposit, and may not accept any payment until the contract is signed. The agreed-upon price of the home improvement contract should be clearly stated. Beyond the initial deposit, the Home Improvement Law does not control the payment schedule.
If the work will take a long time, you may not be able to avoid a deposit. Aim to push it down as much as possible, and don't agree to more than 25%. Always get a receipt for a deposit, as well as receipts for any materials it covers.
Asking for more than half of the project cost up front, though, is a big red flag. A reputable and established contractor should have the wherewithal to purchase enough materials to get the job started without relying on your down payment. I recommend tying payments to progress made during the job.
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