Partnership contract on spec home

[James Bennett]

My wife and I are considering partnering with a friend/general contractor on a spec home in western NC. We have made an offer on a lot in a community we know well and feel confident it will go through. Lots to do during due diligence, but one thing we need to nail down is a contract between us that spells out expectations, terms, etc. What are some items we need to make sure are included in the contract? Is there a “canned” contract for this kind of partnership we can scan through and familiarize ourselves with? Any questions we need to asking? Thanks in advance for your help BP Community!