Fill and Sign the Glossary of Terms Cloudcroft Properties Form

*Optional notice - required only if the homeowner has borrowed or is borrowing money to finance the home improvement project: This contract creates a mortgage or lien against your property to secure paym ent and may cause a loss of your property if you fail to pay the amount agreed upon. You have the right to consult an attorney. You have the right to rescind this contract w ithin 3 business da ys after the date you sign it by notifying the contractor in writing that you ar e rescinding the contract. Buyer's initials: _____________ INSULATION CONTRACT THIS INSULATION CONTRACT (“Contract”), effective as of the date of the last party to sign below, is between , having an address at ("Contractor") and , having an address at ("Owner"). For valuable consideration the parties hereby agree as follows: 1. SCOPE OF WORK: Contractor shall provide all labor and materials, and perform all work necessary for the completion of the residence, structure, or improvements as described in the drawings and specifications signed by both Owner and Contractor (“Project”) and more particularly described as Such drawings and specifications are hereby made a part of this Contract. Drawings and specifications shall contain a scale drawing showing the shape, size, and dimensions of the construction and equipment together with a description of the work to be done, materials to be used, and the equipment to be used or installed. Location Material Thickness R-Value Vapor Barrier Total Sq. Ft. Walls: Ceiling: Rim Joist: Floor: Other: 2. WORK SITE: The Project shall be constructed on the property of Owner located at grading on the Work Site as may be required in the judgment of the Contractor to complete the Project. Unless called for in the drawings or specific ations, no landscaping, finish grading, filling or excavation is to be performed at the Work Site by the Contractor. 3. TIME OF COMPLETION: Contractor shall commence the work to be performed under this Contract on or before and shall substantially complete the work on or before . Contractor shall not be liable for any delay due to circumstances beyond its control including strikes, casualty, acts of God, illness, injury, or general unavailability of materials. 4. PERMITS: Contractor shall apply for and obtain such permits and regulatory approvals as may be required by the local municipal/county government, t he cost thereof shall be included as part of the Project price. 5. INSURANCE: Contractor shall maintain general liability, workers compensation and builder's risk insurance. 6. SURVEY AND TITLE: If the Project is near the Owner’ s property boundary, Owner will point out property lines to the Contractor. If the Owner or Contractor has an y doubt about the location of the property lines, Owner shall provide Contractor with boundary stakes through a licensed surveyor. In addition, Owner shall provide Contractor documentation that Owner has title to the Work Site and shall provide Contr actor copies of any covenants, conditions, or restrictions that affect the Work Site. 7. CHANGES TO SCOPE OF WORK: Owner may make changes to the scope of the work, including changes to the drawings and specifications, from time to time during the construction of the Project. However, any such change or modification shal l only be made by written "Change Order" signed by both parties. Such Change Orders s hall become part of this Contract. Owner agrees to pay any increase in t he cost of the Project as a result of a Change Order. In the event the cost of a Change Order is not known at the time a Change Order is executed, the Contractor shall estim ate the cost thereof and Owner shall pay the actual cost whether or not it is in excess of the estimated cost. 8. CONTRACT PRICE: {COST PLUS} Owner agrees to pay Contractor the actual cost to Contractor of materials plus the sum of $ for performing the services set forth in the scope of the work. Contractor shall be paid as follows: . OR {FIXED FEE} Owner agrees to pay Contractor the sum of $ for performing the services set forth in the scope of the work. Contractor shall be paid as follows: . A contractor cannot accept more than 1/3 of the contract price as a deposit and may not accept any payment until the contract is signed. If payment will be made by monthly payments, the total number of monthly payments is __________, the amount of each payment will be $__________, including a finance charge of __________. Contractor shall furnish Owner appropriate releases or waivers of lien for all work performed or materials provided at the time the next periodic payment shall be due. 9. LATE PAYMENT/DEFAULT: A failure to make payment for a period in excess of ten (10) days from the due date shall be deemed a material breach of this Contract. If payment is not made when due, Contractor may suspend work on the job until such ti me as all payments due have been made without breach of the Contract pendi ng payment or resolution of any dispute. Owner agrees to pay a late charge of 1% of all payments that are more than ten (10) days late plus interest at the rate of 1% per month. 10. DESTRUCTION AND DAMAGE : If the Project is destroyed or damaged for any reason, except where such destruction or damage was caused by the sole ne gligence of the Contractor or its subcontractors, Owner shall pay Contractor for any additiona l work done by Contractor in rebuilding or restoring the Project to its condition prior t o such destruction or damage. If the estimated cost of replacing work already a ccomplished by Contractor exceeds 20 percent of the Contract price, either the Contractor or Owner may terminate this Contract. Upon termination by either party, Contractor shall be excused from further performance under this Contract and Owner shall pay Contractor a percentage of the Contract price in proportion to the amount of work accomplished pri or to the destruction or damage. 11. ASSIGNMENT : Neither party may assign this Contract, or payments due under the Contract, without the other party’s written consent. Any such assignment s hall be void and of no effect. 12. INTERPRETATION: (a) Interpretation of Documents. The Contract, drawings, and specifications are intended to supplement one another. In the event of a conflict, the specif ications shall control the drawings, and the Contract shall control both. If work is displaye d on the drawings but not called for in the specifications, or if the work is ca lled for in the specifications but not displayed on the drawings, Contractor shall be required to perform the work as though it were called for and displayed in both documents. (b) Entire Agreement. This Contract constitutes the entire agreement of the parties. No other agreements, oral or written, pertaining to the work to be performed under t his Contract exists between the parties. This Contract may only be modified only by a written agreement signed by both parties. (c) Governing Law. This Contract shall be interpreted and governed in accordance with the laws of the State of Maryland. 13. ATTORNEYS’ FEES AND COSTS: If any party to this Contract brings a cause of action against the other party arising from or relating to this Contrac t, the prevailing party in such proceeding shall be entitled to recover reasonable attorney fees and court costs. 14. PERFORMANCE: (a) Contractor may, at its discretion, engage licensed subcontractors t o perform work pursuant this Contract provided Contractor shall remain fully responsible for the proper completion of the Project. (b) All work shall be completed in a workman-like manner and in complia nce with all building codes and applicable laws. To the extent required by law, a ll work shall be performed by individuals duly licensed and authorized by law to perform said work. (c) Contractor agrees to remove all debris and leave the premises in broom clean condition. 15. WARRANTY: Contractor's warranty shall be limited to defects in workmanship within the scope of work performed by Contractor and which arise and become known within one (1) year from the date hereof. All materials and installations incorporated into the work shall be new, unless otherwise specified, and shall be of good quality. Contractor warrants for a period of year(s), that the installed wall insulation R-Value is , and the installed ceiling insulation R- Value is . All said defects arising after year(s) and defects in material are not warranted by Contractor. Contractor hereby assigns to Owner all warranties on materials as provided by the manufacturer of such materials. AGREED: CONTRACTOR: Signature ______________________________ OWNER: Signature ______________________________ Print Name & Title __________________ Date _______________________________ License Number _______________________________ Name and Address of License Holder ___________________ Phone Number _______________________________ Salesperson (if applicable) _______________________________ Salesperson's License Number _ Signature of Salesperson Print Name ______________________________ Date Notice for Homeowners Each contractor and subcontractor must be licensed by the Commission and anyone may ask the Commission about a contractor or subcontractor. Department of Labor, Licensing and Regulation Division of Occupational and Professional Licensing Maryland Home Improvement Commission 500 North Calvert Street Baltimore, Maryland 21202-3651 410-230-6309 1-888-218-5925 e-mail: mhic@dllr.state.md.us 1. Formal mediation of disputes between homeowners and contractors is available through the Commission; 2. The Commission administers the Guaranty Fund, which may compensate homeowners for certain actual losses caused by acts or omissions of licensed contractors; and 3. A homeowner may request that a contractor purchase a performance bond for additional protection against losses not covered by the Guaranty Fund. _____________________________ __________________________ Buyer's Signature Contractor's Signature *Optional notice - required only for door-to-door sales: (Enter Date of Transaction) ___________________ Date You may cancel this transaction, without any penalty or obligation, within three business days from the above date. If you cancel, any property traded in, any payments made by you under the contract or sale, and any negotiable instrument executed by you will be returned within 10 bu siness days following receipt by the seller of your cancellation notice, and any securi ty interest arising out of the transaction will be cancelled. If you cancel, you must make available to the seller at your residence, in substanti ally the same condition as when received, any goods delivered to you under this contract or sale; o r you may, if you wish, comply with the instructions of the seller regarding the return shipment of the goods at the seller’s expense and risk. If you do make the goods available to the seller and the seller does not pick them up within 20 days of your notice of cancellation, you may retain or dispose of the goods without any further obligation. If you fail to make the goods available to the seller, or if you agree to return the goods to the seller and fail to do so, then you remain liable for performanc e of all obligations under this contract. To cancel this transaction, mail or deliver a signed and dated copy of this cancellati on notice or any other written notice to: ______________________________ at (name of seller) _________________________________ (address of seller’s place of business) not late then midnight of _________________________________ (date) I hereby cancel this transaction ______________________ _________________________________________ (date) (Buyer’s signature)