North Carolina Account Stated for Construction Work
Description
How to fill out Account Stated For Construction Work?
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FAQ
The N.C.G.S. 87-1 defines a general contractor as a person, firm or corporation who manages or oversees construction projects where the cost of the project is $40,000 or greater. The State General Contractors License is not required if a project is under $40,000.
In North Carolina, the statute of limitations for most construction disputes, such as breach of contract or implied warranty of plans, is generally three years from the date when the claimant knows or should know they have a claim.
Retention is an amount of money withheld from a contractor until a job is complete. This normally is 5-10% of the contract's sum. It acts as a kind of security deposit: if defects are left by the contractor that they fail to remedy, the money is rightfully retained by the employer to fix those defects.
Retainage, also called retention, is an amount withheld from the contractor until a later date. It's fairly common, especially on commercial and public construction projects, and typically ranges from 5 - 10% of the total contract price.
A common construction contract usually states that the amount of retention money is 5% of the contract's value or a 10% deduction for every progress payment you receive. You should see this amount of retention money in your payment invoice.
Does North Carolina limit the amount of retainage that can be withheld? Retainage is limited to 5% of each progress payment until 50% completion of the project. Upon 50% completion, retainage will not be withheld from any subsequent payments.
If the owner retains funds, the amount retained shall not exceed two and one-half times the estimated value of the work to be completed or corrected. Any reduction in the amount of the retainage on payments shall be with the consent of the contractor's surety.
A: There is no limit by law, but it should be a negotiated sum between the homeowner and contractor. Generally, deposits should be limited to around 10% of the contract price, but this also depends on the remaining pay schedule. Contractors typically ask for deposits for material costs.
