Contractors, especially those running their own business, have to know a lot more than the basics of the trade. For this post, we wanted to discuss letters of intent. In the contracting world, contracts and deals happen all the time. Letters of intent are enforceable when they are properly written, but they must include essential terms of the agreement at hand including the price, payout, scope of work, duration of project, and a commitment to sign a contract for the work by a certain date. If this letter of intent says it’s not binding until a formal contract is signed, then in a court of law they will say no terms were agreed upon yet.
Think of a letter of intent as a halfway point between a verbal agreement and a formal contract. There is always the chance that letters of intent are unenforceable. If you’re worried about any issues arising, you’re better off skipping this step and creating a formal agreement right off the bat. With a formal contract, looked over by lawyers, there is no question about what is being promised and delivered for a deal or project. All the details are laid out and this contract binds both parties to the agreement.
When you’re a contractor, you also have to think about legal information, along with other rules, regulations and daily duties. If you have any concerns about legal issues or rules in the contracting industry, please feel free to reach out to us. We are a Florida contractor licensing company and we stay on top of all the latest news and rules that you need to know to practice legally.
Looking to become a Florida contractor? We can help get you licensed. We’ve helped thousands get their Florida Contractor’s license and we help them do it fast and efficiently. 95 percent our applicant’s license package makes it through on the first try. Let us help you get your career started. To learn more, get help on other contractor issues, or get your license, click our Florida Contractor’s License page.