Construction contracting

You’ve decided to make some repairs or renovations on your home, and you’ve already done your homework and selected a reputable contractor to do the work. Now you and your contractor need to document the details of your arrangement in a legally binding contract.

Signing a contract can be quite intimidating if you don’t have a lawyer on hand to guide you along. Perhaps it’s this intimidation factor that leads people to not read their contracts thoroughly. They see legalese and their eyes glaze over. They sign the contract without reading it, assuming that the terms are fair.

Not reading a contract in its entirety can be a costly mistake, as you may end up being bound to terms that aren’t in your best interest.

Other homeowners try to be diligent and read the contract, but find that they just don’t understand what it says. The terminology is too technical or the stipulations too vague, so they just sign, hoping that everything will all work out. To avoid getting shafted, make sure that you understand each point in the contract completely. If you don’t understand something, consult a lawyer who can give you unbiased advice.

Home improvement contracts don’t have to be complicated, but they do need to be detailed. Vague contracts are not good, as they leave items open for interpretation. When dealing with such large sums of money you don’t want to take any chances.

The whole purpose of a home improvement contract is to list which tasks each party is responsible for, what consequences there’ll be if someone fails to meet their obligations, how long the job will take, and how much money will be changing hands. A contract protects both parties from being taken advantage of, and ensures that you’re both on the same page.

Some of the most vital components you need in your home improvement contract are as follows:

- The contractor’s mailing as well as physical address, full name, and phone number. Your contact information is required as well.

- A detailed estimate of the work, including cost. You want to list the brand names of all materials to be used, as well as their description. If you neglect to do this, the contractor may instead use poor quality materials that are cheaper to buy. The more detailed your project scope is, the more you’ll be protected.

- Dates for when the work is slated to begin and when it will end. If you’re concerned about the project going overtime, you can include consequences that the contractor will face if the work goes past the projected end date.

- Details about how and when the contractor will be paid. It’s prudent to put down a 10% deposit in the beginning, and then pay as soon as each phase of work is completed. If you pay before the work is done, you risk having the contractor skip town. If you don’t pay quickly enough, the contractor may become annoyed, and take his time completing the job.

- Include detailed warranty information such as the length of the warranty, what it covers, and who you can contact to invoke it.

- A commitment by the contractor to obtain all permits and licenses necessary to complete the job. It’s also a good idea to make sure that the contractor has liability insurance and Workers’ Compensation coverage just in case she gets injured on your property.

- Details about third parties such as subcontractors. You want your contractor to guarantee the workmanship of the people she hires.

- Assign who is responsible for cleaning up the job site, as well as how trash will be stored and removed from the property.

- Determine what happens if there’s a dispute between the two of you. Deciding how to handle a problem before one arises makes it much easier to deal with during a moment of conflict.

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If you have a contracting firm, more than likely you know that your most valuable commodity is your time. There are a variety of things that take up your time like managing products, preparing estimates, keep details organized, leading your workers through the tasks they need to complete, and solving all the problems that pop up along the way. Although there is a great deal of work to it, if you do it the right way, you can make a very profitable business that will help you make the money you want.

Sadly, many medium and small contractors end up putting in long days at the job site, only to go back to the office for a few hours to figure out where they are losing their money. If you want to fix this issue, you need to get the bid. Make sure that you do a good job estimating the job and what the entire project will require to complete it successfully.

Construction bidding is both a science and an art. Although construction bidding software can help make the bidding process much easier for you, by helping you to plan projects, helping you accurately come up with material costs, and assisting with time and motion studies, the bidding process still takes a great deal of skill. There are many places where your people skills and having a gut check are going to be essential to the job.

For example, you will need to ask for clarifications when you are working out the construction plan to make your estimates in order to come up with the correct bid. This can take a great deal of time and you may spend a lot of time having the client answering a variety of questions for a variety of different bidders. You will need to be sure that you get the accurate information you require, but you need to do it without annoying your potential client by asking too many questions. Getting the clarifications you need now in writing can help you later; however, if the clients wants something that your company is specifically good at, it makes the process much easier.

When you are giving estimates, it is important that you make the clear and concise, but also be sure that they are complete. You will want to have a nice cover letter and proposal and it is best to have a time to meet with the client so you can go over the estimate with them. While you may not be able to do this when bidding for large corporate or government jobs, this type of a touch can help separate your company from all the rest. Also make sure when you come up with your proposal that you leave enough time to handle any delays that may come up, such as bad weather and also have some funds to cover any prices that may go up or parts that need replaced suddenly.

When you are doing construction bidding, you will find that it is a mixture of using your judgment and your analytical skills, and doing this correctly is important if your business is to be successful.

Nick Hurd is the developer of LiteningFast Estimating. LiteningFast is an estimating program that helps you estimate faster, easier and more accurately. It’s integrated with QuickBooks to provide job cost.

It was introduced to tbe market in 1994 and currently has over 3,500 users in the US, Canada, and around the world.

You can find more information at construction bidding. You’ll be glad you did.

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