What Key Elements Should You Have In Your Contract With Your Contractor?
Regardless of whether your contractor has his or her own contract, you should, at the very minimum, read the AIA contract that matches the type of contract you will have with your contractor and use it as your cheat sheet (you can view them online for free). I will have to write an entirely different blog on why you would/wouldn’t use the various types of contracts but the “Cost Plus” type of contract is the most common and owner friendly. That is what I would recommend. The AIA’s incredibly thorough library of contracts (architects are a bunch of nerdy overachievers after all) covers all of the bases you could ever need. If your contractor’s contract is missing any of these elements, then you will want to add them or just use an AIA contract.
The A102-2017 Standard Form of Agreement Between Owner and Contractor is used if the basis of payment is a “Cost Plus” agreement. This is where you pay for the cost of the work plus a fee up to a guaranteed maximum price. Take a look at this document, so you can familiarize yourself with the basics you should have in your contract.