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Incomplete Construction means a failure to obtain a certificate of occupancy and to complete construction, rehabilitation or remodeling of a Property in accordance with approved plans and specifications in a good and workmanlike manner, or as indicated in the Original Value.
Can a builder walk away from a contract?
Q: Can either an Owner end or a Builder terminate the Contract during the construction period? A: No as a general right. However, either Party has a right to terminate for substantial breach of Contract normally after reasonable notice is given as defined by the Contract and a Notice of Termination is issued.
Can a builder ask for more money?
Generally, no. If you sign a contract with a builder and then the cost of materials increases during the building process, your builder can't increase the price of your contract to help cover their costs.
Can you back out of a construction contract?
No, you cannot back out of a new construction home contract, because it is a legally binding contract between the builder and the buyer. However, there are some options for the buyer to take on a loss and move on without the new build.
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