A renovation contract refers to a legally binding agreement between two parties when one party hires another to carry out renovations on a property or asset. Renovation contracts help outline the expectations, responsibilities, scope of work, timelines, costs involved, materials specifications if necessary, and any other relevant details related to the renovation project. These contracts aim to protect both parties involved by ensuring that all agreed-upon terms are documented clearly in writing so that there is no confusion or misunderstanding throughout the renovation process. Renovation contracts play a crucial role in providing a framework for successful collaborations between property owners and contractors or construction professionals.