Allowance:
A specific dollar amount allocated by a contractor for
specified items in a contract for which brand, model number, color,
size or other detail is not yet known.
Bid:
A proposal to work for a certain amount of money, based on plans and
specifications for the project.
Building
Permit: A document issued by a governing authority, such as a building
department, granting permission to undertake a construction project.
Call-Back:
An informal term for a return visit made by a contractor to repair or
replace items the homeowner has found to be unsatisfactory or that require
service under the warranty.
CGR
(Certified Graduate Remodelor): A professional certified program
offered through the National Association of Home Builders (NAHB) Remodelors
Council. To attain the CGR designation, a remodeler must take a specified
number of ongoing continuing education courses, demonstrate good business
practices, sound finances, and must comply with a strict code of ethics.
Change
Order: Written authorization to the contractor to make a change
or addition to the work described in the original contract. The change
order should reflect any changes in cost.
Cost-Plus
Contract: A contract between a contractor and homeowner based on
the accrued cost of labor and materials, plus a percentage for profit
and overhead. Also known as a time and materials contract.
Draw:
A designated payment that is "drawn" from the total project
budget to pay for services already completed. A draw schedule typically
is established in the contract.
Lien
Release: A document that voids the legal right of a contractor,
subcontractor or supplier to place a lien against your property. A lien
release assures you that the remodeler has paid subcontractors and suppliers
in full for labor and materials.
Mechanic's
Lien: A lien obtained by an unpaid subcontractor or supplier through
the courts. When enforced, real property, such as your home, can be
sold to pay the subcontractor or supplier.
Plans
and Specifications: Drawings for the project, and a detailed list
or description of the known products, materials, quantities and finishes
to be used in the project.
Punch
List: A list of items of work to be completed or corrected by the
contractor, typically near or at the end of a project.
Remodelors
Council: A division of Polk County Builders Association dedicated
to professionalism, education, and best-business practices by member
remodeling firms.
Subcontractor:
A person or company hired directly by the contractor to perform specialized
work at the job site. Sometimes referred to as a trade contractor.