Get It In The Contract

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	Get It In The Contract Financial Tip of the Week by Deloitte & Touche OnLine February 1, 1999

Americans spend billions on remodeling. Protect your spending.

Americans spent an estimated $119.1 billion on home improvements and repairs in 1996, and you can bent not all that was spent well.

On any remodeling project for your home, once you've selected a contractor, make sure everything that is discussed and agreed on is in writing. A remodeling contract should include:

The contractor's full name, address, phone and professional license numbers.
A description of the work to be performed including materials, terms of quality, quantity, weight, color, size and brand names.
Start and completion dates and penalties for failure to meet those dates.
Total cost with a breakdown of labor and materials expenses.
Warranties and guarantees of workmanship.
Method for debris and material removal.
A payment schedule.