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Home Extension Contracts
A Home
Extension Contract is a
Partnering Agreement
between two parties usually a
building contractor and a home owner
for an extension, alteration or
conversion to a domestic property.
A Project Bank Account is a separate account that the
client owns.
The contractor has no access to it but can 'see' that the money for the project
is available and therefore commences work.
The account is solely owned by the client whom has
complete control over it. |
It lays down the agreement for
the works via a set of stipulations that each party must adhere to.
The agreement will remove unwanted risks
and enable the relationship to be properly managed.
The links on the left explain how
certain aspects of the relationship are managed.
The relationship between contractor and
client is confirmed via a Project Bank Account. The client
deposits money in a bank account such that the contractor knows
it is there and can then procure materials and other resources
to enable the works to be expedited.
In this way the contractor removes the
risk of not getting paid and the client gets a
cheaper price without paying anything up front.
The use of a Home Extension Contract
is simple. You can fill it in on line, change it,
download it and distribute it to as many parties as you
wish. You can open an account, deposit funds and pay
the contractor, all via your online account.
To register an account
click here.
The
Procedure in Easy Steps. |
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Step 1 |
Register an account, fill in the contract and agree the
works with the Contractor. |
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Step 2 |
Activate your online account and deposit half the cost
into the Project Bank Account. |
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Step 3 |
Contractor commences work. |
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Step 4 |
Client pays the contractor from
the bank account. |
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Step 5 |
Client tops up the bank account until the works are
complete. |
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click here for
more information |
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