Under the terms of this addendum the company generally makes on-site inspections as its means of guaranteeing that any work or materials it pays for have been provided. In looking for a joint control company, check with your lender or your contractor for recommendations. For a small percentage of the contract price, a reputable joint control company will probably eliminate or reduce many of the financial problems that may arise on your construction project. If you want a completion bond or joint control company, or both, make sure you clearly state this in the contract. If you need further information regarding bonds, contact your attorney.
Licensed contractors are subject to laws designed to protect the consumer.
Unlicensed contractors are a danger to your financial affairs because they expose you to significant financial harm in the event of injury or property damage. Few unlicensed contractors have adequate bonding or insurance. Although an unlicensed contractor may give you a low bid, the risks of possible financial and legal consequences you may face probably outweigh any benefits a lower bid may seem to offer. You should also ask about the contractor's disclosable complaint history and any prior legal actions that may have been taken against the contractor. It is advisable to get at least three written bids using identical plans and specifications so you can compare prices and contractors.