A contract is essential to your building project and in the long run is the only document that can really protect you, so make sure you get a contract in place with your builder before you start. Some things you should be aware of:
▪ Go with a fixed price, not a time and materials contract. The fixed price is the guaranteed price that the contractor must adhere to while a time and materials contract allows them to bill as they go based on how much time and materials they spend. The latter can become very hard to control and costly.
▪ Include start and finish dates
▪ Include an overall schedule of progress and billing schedule so you know ehen you should be billed throughout the process.
▪ Including a section on dispute resolution, for example, Arbitration can be a much faster and less costly process
▪ Include warranties and time to correct deficiencies. Ensure you put in a clause re: holdbacks which allow you to retain a percentage of the final bill to cover construction deficiencies.
Information was by Kickstarters.ca