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 South Dakota.
South Dakota Framing Contract for Contractor
Category:
State:
South Dakota
Control #:
SD-00462-2
Format:
Word;
Rich Text
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FAQ
For example, a building contractor may hire a subcontractor to complete the electrical wiring part of the contractor's building job. The contractor is responsible to the client for the building job including the part performed by the subcontractor.
Clients withhold retention against main contractors and main contractors withhold payment against sub-contractors. Retentions typically take the form of a percentage on the contract value. The rate can vary wildly but is typically around 5%.
Subcontractor markup will vary by trade and can be upwards of 25% depending on the trade and whether the work is union or non-union. To summarize, the contractor marks up work performed his own employed workers and each subcontractor (or supplier) hired by the contractor will mark up their own work.
Usually, anything that subcontractors would be liable for, general contractors may also be liable for (with the caveat that if the contractor has to pay for damages, the subcontractor who is legally responsible will often reimburse the general contractor).
A rule of thumb for independent contractors is that the vendor should be allowed to mark up your pay rate by about 15 percent when billing the client. This allows the vendor a respectable profit without making the bill rate outrageous.
All subcontractors must file and pay taxes including state, local and federal income and self-employment taxes on their own. The general contractor must file IRS Form 1099-MISC if the subcontractor earns over $600.
(The general contractor is often referred to as a principal and the subcontractor as an independent contractor.) A general contractor is not ordinarily liable for the negligence of an independent contractor such as a subcontractor.
General Contractor Company licensure is not required on the State level in South Dakota. There is no state level license for general contractor firms in South Dakota, however, local licensing requirements may apply. Most contractors are required to obtain a department of revenue contractor's excise tax license.
Usually, anything that subcontractors would be liable for, general contractors may also be liable for (with the caveat that if the contractor has to pay for damages, the subcontractor who is legally responsible will often reimburse the general contractor).