This form is designed for use between Foundation 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 Virginia.
Virginia Foundation Contract for Contractor
Category:
State:
Virginia
Control #:
VA-00462-3
Format:
Word
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Description
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FAQ
An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
Name of contractor and contact information. Name of homeowner and contact information. Describe property in legal terms. List attachments to the contract. The cost. Failure of homeowner to obtain financing. Description of the work and the completion date. Right to stop the project.
An estimate should be the contractor's best professional assessment, including the cost of hiring any subcontractors, the price of materials, and any other labor involved.
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.
Define and describe the project in detail. Include what materials must be used; be as specific as possible. Include weight, brand name and other identifying features. Specify the work being performed and all equipment being used or installed.
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.
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.
Timeframe or key milestones of the project; hours of work; deliverables of the project; and. way the business will pay the contractor for their services.
1Identifying/Contact Information.2Title and Description of the Project.3Projected Timeline and Completion Date.4Cost Estimate and Payment Schedule.5Stop Work Clause and Stop Payment Clause.6Act of God Clause.7Change Order Agreement.8Warranty.Everything You Need to Know about Drawing up a Construction\nwww.freshbooks.com > blog > construction-contract