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What are the 5 requirements of a contract?

A contract is an agreement between parties, creating mutual obligations that are 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.

How do you get contractors license in Connecticut?

How to get a Connecticut general contractor license One credit reference letter from an industry contact, such as a supplier or subcontractor. One credit reference letter from a financial institution. Three reference letters from people familiar with your knowledge, skills and abilities as a general contractor.

What is a construction contract price?

The construction contract price includes the direct project cost including field supervision expenses plus the markup imposed by contractors for general overhead expenses and profit. The factors influencing a facility price will vary by type of facility and location as well.

How much mark up can a contractor charge?

Typically, general contractors charge about 10 20% of a projects total construction costs. A big general contractor company can charge upwards of 25% of a projects costs. Your main point of reference for your markup is what your subcontractor will charge you.

Do painters need a license in CT?

Contractors must be registered with the Department of Consumer Protection to work on a residential property in the area of home improvement in Connecticut.

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