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Using Contracts
Source: REPLACEMENT CONTRACTOR Magazine
Publication date: July 1, 2005
By D. S. Berenson
Explain the product: You can stop a number of customer complaints and “misunderstandings” if you tell the customer ahead of time what they should expect from their purchase. For example, if you're selling windows, explain in the contract what ambient temperature is and that condensation on or within a window is not a “defect.”
Interest and legal fees: If your contract doesn't say you're going to be able to recover interest on past due balances or your legal fees if you have to sue, don't expect to be able to.
Late cancellation fees: OK, the consumer wants to cancel outside the rescission period. These disputes are often not worth fighting, especially if you don't have any hard costs run up on the job yet. Make sure your contract says you can allow a late cancellation request, in exchange for a reasonable fee, say 10% to 20% of the purchase price.
Punch out list: Make sure your contract calls for payment of the entire balance on substantial completion and define what that means (final permitting, inspection, issuance of the certificate of occupancy, etc.)
