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Making a Construction Contract
Simple to make online, a Construction Contract is often drafted by a construction contractor to outline the terms of their arrangements with a property owner. Signed by the construction contractor and the property owner, this essential document helps define each party's respective expectations and accounts for things such as how weather delays and material shortages will be handled. It also covers how much the project will cost and the terms for work hours on site. Not just a generic construction contract template, any agreement under an active Rocket Lawyer Premium membership is supported by Document Defense®, an optional benefit to help enforce your rights.
Whether you are being contracted by an acquaintance or a stranger, the Construction Contract is a document that should never be skipped. These benefits may help you make the decision to use one:
A few unfavorable outcomes from not signing one could include incomplete payments, impractical expectations, unclear due dates, and more issues.
In order to make a Construction Contract with Rocket Lawyer, you'll need the following details:
As you may expect, Construction Contracts made with Rocket Lawyer also include the typical legal language about the non-employer relationship, dispute resolution, and finally, liability for losses. In the process of making your agreement, you also will have the ability to designate which state's jurisdiction it falls under. Further personalized editing is permitted, if necessary.
The five main types of Construction Contracts are:
The good news is that you do not have to start from scratch when getting your contract in writing. With Rocket Lawyer, you can create a free Construction Contract online with ease. Your contract is assembled section by section, as you provide details along the way. Normally, for this level of customization, you might end up paying a conventional lawyer fees in the hundreds of dollars, if not more.
As this is an accounting question, you may want to consult with an accountant for information specific to your unique situation. As a general matter, however, revenue recognition can be done either on a prorated basis dependent upon the percentage of completion, or once the project is substantially completed, following the completed-contract method.
If you have questions about making Construction Contracts or structuring your payment terms, ask a lawyer.
Seeking out a legal professional to look over your Construction Contract may take a long time if you try to do it by yourself. Another approach could be via the Rocket Lawyer On Call® network of attorneys. Rocket Lawyer Premium members are able to ask for a contract review from an attorney with experience in business or send additional questions. As a small business owner or operator, you can be confident that Rocket Lawyer is by your side.
Attached alongside each Construction Contract, there will be a series of tips on what is next to finalize the document. You are encouraged to engage with your contract in any of the following ways: editing, printing, getting signatures via RocketSign® when ready, and/or saving it as a Word or PDF document. Finally, you will need to send a copy of the signed contract to the property owner.