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Commercial Contract for Contractor - North Carolina

Commercial Contract for Contractor - North Carolina 2025

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This document is a Commercial Construction Contract between a Contractor and an Owner, outlining the terms and conditions for the construction project. It details the scope of work, responsibilities of both parties, payment terms, completion timelines, change orders, insurance requirements, and dispute resolution through arbitration. The contract emphasizes the importance of compliance with local laws and regulations, as well as the procedures for handling changes to the project and termination of the agreement.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do contractors need a business license in North Carolina?

87-1 defines a general contractor as a person, firm or corporation who manages or oversees construction projects where the cost of the project is $40,000 or greater. The State General Contractors License is not required if a project is under $40,000.

What is the key difference between a North Carolina residential contract and commercial contract?

A: There is no limit by law, but it should be a negotiated sum between the homeowner and contractor. Generally, deposits should be limited to around 10% of the contract price, but this also depends on the remaining pay schedule. Contractors typically ask for deposits for material costs.

How much can a contractor ask for upfront in North Carolina?

5 Common Types of Construction Contracts Lump Sum Contracts. For projects with a well-defined scope of work, lump sum contracts (also called fixed price contracts) are straightforward. Guaranteed Maximum Price Contracts. Cost-Plus Contracts. Time and Materials Contracts. Unit Price Contracts.

How much can a contractor mark up?

Most general contractors use a markup of between 15-20%. However, contractor markups largely depend on the project and average costs in the area.

What are normal payment terms for a contractor?

Here are the most common contractor payment terms to know. Prepayment. Some contractors request a prepayment (such as 50% of the total fee) to be paid before they begin a job. Payment upon delivery. Net 10, 30, and 60. End of month.

Should you give a contractor 50% up front?

Typically a contractor would ask for 50% upfront to cover the initial get go of a project. Like stated above materials and wage costs. My advice to you would be to ensure everything is typed in a contract that both you and the contractor have signed.

Can a contractor ask for money upfront?

Its common for contractors to request some form of upfront payment, but the amount and reasons can vary. Here are some key points to consider: Deposit: Many reputable contractors ask for a deposit, typically ranging from 10% to 30% of the total project cost. This helps cover initial costs for materials and labor.

Commercial Contract for Contractor - North Carolina 2025

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