Home Improvement Contractor - Licensed Contractors
Is a construction proposal the same as a contract?
I live in NJ and got a proposal to build in my house. The bank requires the contractors to complete a contract to obtain a loan, but the contractors said that the construction proposal becomes a contract after 10 days. Is that true?
Public Comments
- A proposal is the same as a bid. It has no legal stipulations. If you cannot get the money from the bank, this should tell you that the contractor is mistaken. Hopefully, you haven't signed a contract agreeing to build using the 10 day clause. This could mean that you are taking on the payments without bank help. The bank is not required to agree to contracts you signed.
