If you were to do a little detective work you would find many horror stories on the net about what happened to homeowners who failed to insist on a proper contract being executed before their remodeling project began and almost as many stories about contractors left footing the bill when homeowners make change after change to the original plans.
A solid remodeling contract protects both parties involved in the transaction and any good remodeling contractor will not only be happy to draw one up but will actually insist upon it.
What should be in that contract? At very least the following: * The date the contract is being executed * Names and addresses of all parties plus phone, fax, and email contact details * Contractor's License Status and Number * Description of the property, including the street address or lot number * Planned start and completion date of the remodeling project * A complete descriptive narrative of the work to be completed, including all drawings, plans and blueprints * The total monetary amount of the contract * The terms of the payment schedule * Any liability waivers * Policy regarding change orders * Specifications for all products, fixtures, fittings and appliances to be installed * A clear substitution policy * Exclusions to the contract * Authorized delay conditions * Penalties or fines for non-compliance and non-performance by the contractor or nonpayment on the part of the homeowner * Written agreements covering what licenses and permits need to be obtained and by whom * Warranty and guarantee conditions This is the bare minimum that should be included, larger projects may well involve even more detail.
Most remodeling contractors are used to drawing up a contract that covers both the homeowner and themselves fairly but, if you have any doubts about the contract you are being asked to sign, consult with an attorney before you sign on the dotted line.