In the state of North Carolina, an account stated for construction work refers to a legal claim that can be filed by a contractor or subcontractor against a property owner or general contractor. This claim occurs when the parties involved have reached an agreement on the amount owed for completed construction work, whether through an explicit contract, verbal arrangement, or implied agreement. The concept of account stated is based on the principle that when one party provides goods or services, and the other party accepts or acknowledges them without objection, a binding agreement is formed regarding the amount of money owed. In the context of construction, this means that when a contractor completes work and sends an invoice to the property owner or general contractor, and they do not raise any objections within a reasonable time, an account stated claim may be pursued to collect payment. An account stated claim for construction work in North Carolina typically involves detailed documentation of the work completed, including itemized invoices, estimates, change orders, and any other relevant documents. These records are crucial in proving that the construction work was done, the agreed-upon price, and that the receiving party did not dispute the charges within a reasonable time. As for different types of North Carolina account stated claims for construction work, they may vary based on the nature of the dispute and the parties involved. Some common variations include: 1. Contractor vs. Property Owner: This is the most typical scenario, where a contractor asserts an account stated claim against a property owner for non-payment or underpayment of construction work. 2. Subcontractor vs. General Contractor: In situations where a subcontractor performs work but is not paid by the general contractor, the subcontractor may file an account stated claim to seek payment directly from the general contractor. 3. Material Supplier vs. Contractor: Suppliers of construction materials who have not been paid for the materials provided can pursue an account stated claim against the contractor responsible for purchasing or using those materials. 4. Third-Party Beneficiary vs. Owner/Contractor: If a third party has a direct interest in the construction project, such as a lender, and is not paid for their contributions or services, they may file an account stated claim against the owner or contractor. These variations illustrate the potential complexities involved in North Carolina account stated claims for construction work, highlighting the need for thorough documentation, legal expertise, and an understanding of North Carolina's specific laws and regulations surrounding construction disputes. It is essential for all parties involved to consult with an attorney knowledgeable in construction law to navigate these claims effectively and protect their rights and interests.
North Carolina Account Stated for Construction Work
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Car repossession in North Carolina is permitted as long as it does not breach the peace. There is no right of vehicle redemption after foreclosure and sale of the vehicle. The license plates from the vehicle remain the property of the debtor.
Myth #2 If I make a partial payment to the car finance company they do not have a right to repossess my vehicle. Truth Partial payment on your car note is not full payment. Therefore the unpaid portion is considered late. The lender still has a right to repossess the vehicle for non-payment.
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.
Contract actions in North Carolina are subject to a three year statute of limitations. However, the statute of limitations is four years if the action involves a contract for the sale of goods. The statute of limitations can be extended for as long as ten years if the contract is signed under seal.
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.
Set a payment schedule in the contract. You never want to pay a contractor more than 50% up front. Depending on the size of the job, your initial payment is ideally going to be no more than roughly 30% of the total cost of the project.
Can I Get My Car Back After a Repossession in North Carolina? The Tar Heel state doesn't have a law that gives you the right to redeem your car by paying the full amount due, but you can review your contract to see if it grants you a right of redemption.
In a right to cure state, you have a certain amount of time to pay your past-due debt by state law. North Carolina has that right for certain foreclosure matters, but not for motor vehicle repossession. Your contract and your lender determine whether you can cure your default by paying the past-due amount.
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.
In answer to your question about money up front you should be paying no more than 10% up front and then only when initial materials arrive on site.
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