It’s not a lot of money, but it is a lot of money at the beginning of a project. If you’re thinking about building a new house, you likely won’t think very hard about what you are agreeing to. But, if you’re thinking about building a house on your own, you might feel like you’re agreeing to something that is very important.
This one probably comes up a lot. People are sometimes so concerned about getting their house built that they forget to consider the cost of putting in a foundation and any other construction materials. Thats what this letter of indemnity is for. Its a contract for a house where the developer agrees to indemnify you (or your builder) against any liability on the part of the government for any damages that occur during the construction of said house.
As I mentioned in an earlier post, indemnity agreements are very common when a property is being owned by someone else. When a developer enters into an agreement with an agent to buy a property, they are often required to indemnify the agent against any liability for damages that occur during the construction of the house. For those of you who are unfamiliar with this type of agreement, here is a quick primer.
“The use of indemnity clauses is very traditional and very common in the construction industry. The usual form is a provision in a contract that the owner of the construction materials shall indemnify the general contractor against all liability to third parties arising out of the construction.
Basically, this means that it is in your interest to provide the materials, including paint, for your house. The contractor should know that as you work on a house you will need to pay for your materials. In addition, the contractor should be held harmless for any accidents you cause on construction sites, and should indemnify the owner of the materials while they are in the house.
In other words, in order to protect you, the contractor should hold you 100% liable. There are also a variety of other indemnity clauses you can use, which is another reason you should make sure your contractor understands your situation.
As you may have noticed, this is one of the more important things you want to do when you are working on your house. There are a number of things you need to consider that could very well cause damage to the home if done incorrectly and so your contractor should be knowledgeable about them and be able to advise you accordingly.
You should also take the time to make sure that your contractor is in a position to know the ins and outs of your home in order to give you the best possible service. This is something you should consider and take the time to research. For example, it’s common for contractors to work on your foundation if it is new and not properly attached to your home. A contractor with little experience will be less likely to know the ins and outs of how to safely do this.
I’ll leave it up to you guys to decide which one of the two is more attractive.
So, the next time your contractor tells you they are going to have a look, don’t tell them to check your kitchen first because he may not like your kitchen. This is a common mistake that leads to many problems, but when it happens to you it can ruin your home. The easiest way to fix it is to check your kitchen first.
