Fixed Price Contract Template? Home Renovation

[Keeleclimber]

We are planning a home renovation.
I'm looking for a Fixed Price Contract template that I can use to fill out with my contractor and provide to my bank.

My contractor (a good friend) doesn't have one and my bank is requesting one to complete the financing.

Any input is greatly appreciated.

[Sundancefisher]

Did you search online?

https://www.homeadvisor.com/r/sample-contracts/

Did you ask your bank for one they approve?

[Sundancefisher]

Originally Posted by Sundancefisher

Did you search online?

https://www.homeadvisor.com/r/sample-contracts/

Did you ask your bank for one they approve?

Also differences between an US and Canadian contract may be present.

If you do a contract… it should have an offer, acceptance and consideration.

SHOULD outline in detail the work you are getting done, quality expected, materials used, timing of completion or phased completion.

It should include what the payment terms are… likely he wants instalments to cover materials and labour as he goes. He may want the right to register a lien if you fail to pay. You want a clause then that immediately has him take the lien off.

Then it should be accepted in writing by both of you.

I suspect good agreements also include subcontractor clauses.

Likely also includes him being licensed and bonded.

Likely includes who is in charge of permitting.

Also waste removal

[Albertadiver]

This is what you'll need.

https://www.ccdc.org/document/ccdc-2-2020/

You'll want to write up a summary of the scope of work as Division 1. Outline what / when work will get done and then the rest of the contract is pretty standard.

This would be a bit overkill for a renovation, but it is a very standard contract that your bank will recognize. And it has some good dispute resolution procedures should that ever be required.

hope that assists you.

[Ronji]

Originally Posted by Sundancefisher

Also differences between an US and Canadian contract may be present.

If you do a contract… it should have an offer, acceptance and consideration.

SHOULD outline in detail the work you are getting done, quality expected, materials used, timing of completion or phased completion.

It should include what the payment terms are… likely he wants instalments to cover materials and labour as he goes. He may want the right to register a lien if you fail to pay. You want a clause then that immediately has him take the lien off.

Then it should be accepted in writing by both of you.

I suspect good agreements also include subcontractor clauses.

Likely also includes him being licensed and bonded.

Likely includes who is in charge of permitting.

Also waste removal

Other things that should be on the contract,

Buyers right to cancel.

Anticipated start date and finish date.

Builders Lein Holdback with lawyer. 10% of the contract to be held in trust with lawyer. Funds released after 45 days of Substantial completion.

All owners of the property listed on the contract.

Legal address of the renovation site.

Payment terms, including deposit, progress draws.

Who is taking out the permits and inspections.

Just a few pointers. I could add lots more. Pm me if you need help.