The process of renovation is as far away from glamorous as possible. It involves a lot of mess, a lot of negotiation, cost estimation, and most important of all: figuring out a contract with your professional. Everything that is written in black-and-white is proof and a fallback for you to demand paybacks if things hit south. So, here are 5 things that you should always make a part of your contract:
1. Exchanging insurance policies
Before starting your renovation, it’s imperative that you exchange insurance policy details with your professional in order to avoid any nasty mishaps down the road. Your policy may cover defective or non-completion jobs while their may cover a number of things including employee protection, etc. Putting both in the fine print can be beneficial for both parties in the long run.
2. Payment and installments
One of the most important things that you must include in your renovation contract is the payment condition. This includes the actual payment amount agreed upon by the professional and the homeowner. It also includes a number of other things that include how the taxes are going to be handled and how often the payment is going to be made by the owner.
3. Number of variations
Homeowners always want the best value for their money, and this makes them inherently uneasy about certain designs that have been previously locked down. Often, some owners pick the annoying habit of constantly asking for variations – even when the renovation is already underway. So, a variation clause can be added in the contract for the benefit of both parties as well.
4. Your given timeframe
The given timeframe of your renovation is one of the first things that you ask the professional. To make sure that they are not bluffing to get your project, you can include a clause in your contract that specifies the details of the timeframe. This contract usually also includes a clause that says the contractor is not responsible for delays that are beyond their control.
5. Specifying the scope of work
You must always specify the scope of work to be carried out by the main and sub-contractors in your renovation contract. This description comes in handy for all parties if there are any mishaps on behalf of either parties.