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Making a Construction Contract
If you are about to embark on a new construction project and have found the contractor that you want to hire, you can use this customizable document to set the terms so that both parties are on the same page.
This Construction Contract accounts for things such as how weather delays and material shortages will be handled. It also covers how much you will have to pay for the project, and the terms for work hours on site, as well as much more.
The Rocket Lawyer Construction Contract is built using a free step-by-step interview process that enables anyone to make a Construction Contract quickly. Once completed, you can save, sign, print, and download the final document that has been tailored to your unique construction project and needs.
The five main types of construction contracts are:
Contract law varies by state. Generally speaking, however, some of the essential elements of any Construction Contract include:
Additional terms can be found in the Rocket Lawyer Construction Contract template.
As this is an accounting question, you may want to consult with an accountant or certified public account for information specific to your unique situation. As a general matter, however, revenue recognition can be done either under a prorated manner based upon the percentage-of-completion method, or once the project is substantially completed, following the completed-contract method.
If you have questions making Construction Contracts or structuring your payment terms, talk to a lawyer.