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Vermont Statutes Title 26. Professions and Occupations, § 5509. Requirements of registrants

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) Insurance. A person registered under this chapter shall maintain minimum liability insurance coverage in the amount of $1,000,000.00 per occurrence and $2,000,000.00 aggregate, evidence of which may be required as a precondition to issuance or renewal of a registration.

(b) Writing.

(1) A person registered under this chapter shall execute a written contract prior to receiving a deposit or commencing residential construction work if the estimated value of the labor and materials exceeds $10,000.00.

(2) A contract shall specify:

(A) Price. One of the following provisions for the price of the contract:

(i) a maximum price for all work and materials;

(ii) a statement that billing and payment will be made on a time and materials basis, not to exceed a maximum price; or

(iii) a statement that billing and payment will be made on a time and materials basis and that there is no maximum price.

(B) Work dates. Estimated start and completion dates.

(C) Scope of work. A description of the services to be performed and a description of the materials to be used.

(D) Change order provision. A description of how and when amendments to the contract may be approved and documented, as agreed by the parties.

(3) The parties shall document an amendment to the contract in a signed writing.

(c) Down payment.

(1) If a contract specifies a maximum price for all work and materials or a statement that billing and payment will be made on a time and materials basis, not to exceed a maximum price, the contract may require a down payment of up to one-half of the cost of labor to the consumer, or one-half of the price of materials, whichever is greater.

(2) If a contract specifies that billing and payment will be made on a time and materials basis and that there is no maximum price, the contract may require a down payment as negotiated by the parties.

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Cite this article: FindLaw.com - Vermont Statutes Title 26. Professions and Occupations, § 5509. Requirements of registrants - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-26-professions-and-occupations/vt-st-tit-26-sect-5509/

Read this complete Vermont Statutes Title 26. Professions and Occupations, § 5509. Requirements of registrants on Westlaw

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