contractors contract agreement

[Chris Johnson]

hi flippers,
I would like to know if you do any paperwork with your contractors. Or you just hire them assign work and monitor. I am reading some books which suggest to maintain contract agreements. I think it is necessary to have the kind of work, material, timelines written on the paper. Can you share the templates if you are using any. and also how to make them legal. do you notarize these agreements

[Gregory Childs]

We always make sure we have at least

Independant Contractor agreement
Signed W9
Deatiled bid
SOW w/timeline
Insurance/WComp validation

As much as the forms we also:
1.Review job scope with realtor/general contractor and review bids to make sure they are complete.

2.Review any cost overages from original estimate. Change order process.

3. Review permit requirements and make sure general contractors have pulled necessary permits.

4. Make sure general contractors have proper insurance/licensing and have named our companies as additional insured.

5. Identify subcontractors performing any work and make sure they also have proper insurance/licensing.

6. Review draw requests and inspect work to make sure work is complete before recommending to pay. Back end load the draw request - if you pay them too much too early they get lazy.. holding funds keeps them motivated. Always hold back 20% until you have all the lein waivers signed.

7. Procure lien waivers from general contractors and any subs throughout job. Don't wait until it's all complete - you'll never be able to get hold of everyone

8. Keep jobs on schedule based on original timelines. Which requires you establish a timeline in the firstplace!

Hope that's what you're looking for.

Greg