Video instructions and help with filling out and completing What Form 1094 B Estimated

Instructions and Help about What Form 1094 B Estimated

Music in this lesson you'll learn the importance of having the right build contrast with the right language of terminology because profitability starts at the kitchen table when you formally contract that job you have to start with the right foundation this can save you your sales rep and your customer tens of thousands of dollars in unexpected liabilities as well as result increased profits and faster collections when your job is complete the SPG system we have six different build contracts two part building contracts that we recommend contractors use when formerly contracting a job build contract number one what we call the PPD sheet okay this is our preliminary pricing detail sheet what this allows the owner the sales rep managed to do is figure out where did the RCD claim start at what upgrades did the customer agree to do for additional work what work trades are we not doing on insurance paperwork and how did we derive or come to our new contract amount very important sheet to figure out what that salesman did with that customer at the kitchen table to determine the contract price we called the PPD sheet it also has a great section in here for a payment schedule for progress payments it also has a note here for supplements which would involve the change order a later time and a new contract price no contact number two this is your prime contract with the customer many contractors make the mistake of using their contingency agreement or service agreement as their build contract this is a big mistake keep them separate after the insurance adjustment you'll have your first round of approved numbers from the carrier take the time to formally contract the job with a professional build contract this means you should now have a preliminary contract price to proceed with work or the legal terms that should be included in a back your prime build contract SPG includes this on all the build contracts that we brand up for contractors every day okay there's three things number one percentage of completion billing policy this allows you as a contractor the right to build your customer based on a percentage of work complete you're not going to force this on every job but certainly you would want to have the ability to enforce in a larger more complicated commercial jobs which have long billing cycles number two customer retainers for punch-out we all have punched out after Terra gross redo it homes right we need to have a policy or a term in our contract that allows the customer to hold a customer in five or ten percent retainers for punch-out and not a twenty or thirty thousand dollar check that kind of terminologies in the back for contract number three paper trade as a contractor when we finished roof siding gutters windows we need to have the ability to collect in full on that trade before beginning on the next strike if we so choose these kind of terminology I'll save your but in terms of cash flow and collections during a job and after your jobs complete while you may or may not enforce these terms on all your projects having the right language on the terms of your contract can save you many headaches later on when it comes to collect progress payments or final payments from your customer building contract number three scope of work well some of you think it may be redundant filling out a separate scope of work for all trades to include colors precise linear footage and other details this will save you tens of thousands of dollars later on in ambiguous contracts that don't have these details spelled out don't contract number for the pre-start checklist this side contract is the future liability protector of the company don't leave the table without it cited it covers everything from exposed decking hidden conditions like uneven rafters boat decking backpacking crack driveways leaky skylights and making sure checks are made only in the name of the company and not your sales rep this is the liability protector of the company and as important as a prime contract itself new contract five the mortgage affidavit Oh mortgage companies this is a contractors nightmare this site document allows for contractors to quickly communicate directly with any mortgage companies from disbursements or inspections having the signed document allows a contractor to speed up mortgage disbursements and collections oftentimes ensuring that contractors name is on the disbursement check we know you ain't deal with mortgage companies but you got to get the mortgage affidavit signed at the kitchen table you