Contractor Documents & Paperwork

[Ryan Butler]

I'm in the closing process to buy my first rehab property and have found a GC that I want to work with. I want to have everything setup and in place before I officially close so that we can start construction on Day 1. I realize that I need to get some documents from my GC and have him sign some contracts before we start officially working together but want to make sure I'm not forgetting anything that might put me in a bad situation. 

This is a list of all the paperwork I plan to collect so far:

1) IRS Form W-9

2) Independent Contractor Agreement

3) Scope of Work

4) Payment Schedule

5) Insurance & Indemnification Agreement

6 ) Lien Waiver (after work is completed)

(I have already gotten their license and insurance information)

For the experienced flippers out there -- are there any other documents you normally collect from your contractors? Also does anyone have a standard version of any of these documents that they use with all contractors or know where I might be able to find something like that? Wondering if I should just look online or have an actual lawyer put together official contracts.

[Alan F.]

A copy of his Accord with you added as additional insured sent directly from his carrier.

Personally I'd make sure you have your own builders risk policy & I'd consider a GL policy too.

I'd also be well versed on contractors license law (if there's any) in the state your operating in.