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How to Protect Home Remodeling Contract

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In this video, Joseph Patrick, co-founder of Lamont Brothers, shares essential tips for reviewing remodeling construction contracts. He emphasizes that this is not legal advice but rather insights from his experience with clients over the past decade. Key advice includes obtaining an exhaustive scope of work in the contract, which outlines all project details and ensures clear communication. Patrick highlights the importance of understanding what you're agreeing to in order to avoid future regrets when working with contractors. He aims to help viewers identify potential issues and make informed decisions when entering into remodeling contracts.

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What are the 4 types of construction risk?

4 Common Risk Factors on Construction Projects Labor Shortages Productivity Issues. Not having enough workers available to complete a project or hit productivity goals is a huge risk when taking on new projects. Health Safety Hazards. Subcontractor Default. Change Orders.

What should a remodeling contract include?

8 Things Every Remodeling Contract Should Have Scope of Work, Selection Sheet and Drawings. License Number and Insurance. Description of Change Orders. Warranty information. Subcontractor Agreements. Payment schedule. Completion Schedule / Timeline. Clauses Required by Law.

How do you prevent a contractor from ripping you off?

4 Tips to Avoid Getting Ripped Off by a Contractor Do your homework. Solicit at least three bids for your project and check Angies List, industry associations and previous clients references before hiring. Vet and verify. Negotiate a detailed contract. Ask for a detailed outline of costs.

What type of contract is riskiest for the contractor?

A firm-fixed-price contract provides for a price that is not subject to any adjustment on the basis of the contractors cost experience in performing the contract. This contract type places upon the contractor maximum risk and full responsibility for all costs and resulting profit or loss.

What are the risk to a contractor?

5 Construction and Contractor Risks Employee injury. Employee injury is one of the greatest and most obvious risks for the construction industry. Quality assurance and product liability. Third-party injury. Property risks. Automobile and contractors equipment liability.

How do you protect yourself in a construction contract?

To ensure youre protected from start to finish, always follow these protocols before you hire. Get Proof of Bonding, Licenses, and Insurance. Dont Base Your Decision Solely on Price. Ask for References. Avoid Paying Too Much Upfront. Secure a Written Contract. Be Wary of Pressure and Scare Tactics.

How do you protect yourself when working with a contractor?

Protect Yourself When Hiring a Contractor Get Proof of Bonding, Licenses, and Insurance. Dont Base Your Decision Solely on Price. Ask for References. Avoid Paying Too Much Upfront. Secure a Written Contract. Be Wary of Pressure and Scare Tactics. Consider Hiring Specialized Pros for Additional Guidance. Go With Your Gut.

What protects a contractor from risk?

For contractors, certificates of insurance prove that the subcontractor has the financial resources available to protect those who could be harmed by their actions. Certificates of insurance keep companies from taking on unnecessary risks if a subcontractor is responsible for a loss and is not properly insured.

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