Construction Contracts

If you decide to hire a company or companies to build a new home, most likely you will enter into a construction contract. This is a legally binding document signed by two parties that ensures the process goes through to your standards, as well as the standards put forth by the construction company you choose. The basic elements of construction contracts include the name and contact information of all parties, a description and location of the property to be built, the amount and financing terms, the schedule and procedures through which the property will be built, and blueprints and other technical information. Construction contracts are designed to protect both the consumer having their property built, and the builder themselves to ensure that they receive payment under the terms listed in the contract.

As with anything you sign, construction contracts should be read very carefully before agreeing to anything or signing your name. If you feel uncomfortable about anything or have any questions, be certain to clarify them before you sign. Most construction companies' representatives will be more than happy to help you better understand and answer any questions you might have about the contract. They want you to be happy with the work and terms laid out, as it can avoid costly problems or litigation in the future. When looking at construction contracts, be sure you thoroughly understand what it is you are paying for. Most of the time, companies will charge you for labor, materials, and things called indirect costs. Indirect costs can be anything from extra materials needed, to insurance on machinery. Make sure you know what these costs are and how they will be used when you sign your contract. Once you've signed on the line, it is time for your new home to be built. Always keep at least one copy of your contract in a safe place for reference in case you need it later.
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