# Lets talk contracts...



## J F (Dec 3, 2005)

I agree with not being a bank. This is how I structured payments for basement finishing projects. Always ahead on money, I never had a payment problem. (and yes, it_ will _happen at some point, I'm sure).

And yes, I'm aware some of you can't take a 20% deposit due to your state laws (Crazyfornia, etc.)


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## J F (Dec 3, 2005)

Let's see who gets the prize_ this_ time. :whistling


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## dom-mas (Nov 26, 2011)

Whoa!!! is usury legal in Georgia. 21% per MONTH.!!!!!! 24% per year is the max leagal in Canada. (i think it can be compounded monthly but not certain)


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## J F (Dec 3, 2005)

We have a WEINNER folks!!!!! :clap:


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## dom-mas (Nov 26, 2011)

Ahhh, not nice JF, not nice


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## Mudhere (Nov 9, 2011)

Georgia Interest Rate Limit
Maximum legal interest rate on loans equal to $3,000 or less is 16%
Maximum legal interest rate on loans between $3,000 and $250,000 is 5% per month and must use simple interest

Is this how you get to 21%. I see the 5% is per month? is this correct?


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## J F (Dec 3, 2005)

It's a typo...one that was included in multiple contracts years ago :whistling I could change it for posting here, but it always seems to help some with low self-esteem feel better finding it.










I always get a kick out of it, so I post the ones with the 21% per month...that, and I'm too lazy to go back into old stuff and change if for the benefit of posting it here. :laughing:


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## J F (Dec 3, 2005)

J F said:


> Let's see who gets the prize_ this_ time. :whistling





dom-mas said:


> Whoa!!! is usury legal in Georgia. 21% per MONTH.!!!!!! 24% per year is the max leagal in Canada. (i think it can be compounded monthly but not certain)


I do have to congratulate you with being the quickest (as far as I can remember over the last few years) to point it out. 

Wait....you haven't won the prize on this one in previous threads, have you? You would then be excluded from being the winner of this one.


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## J F (Dec 3, 2005)

There, I've redacted (blacked out/removed, in a pdf file) the info for future reference. I'm still going to post the original in threads, to see who gets the prize each time...I can't help it. :laughing:


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## dom-mas (Nov 26, 2011)

low self esteem? Unfortunately the opposite may be true. Did that contact ever get signed?


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## J F (Dec 3, 2005)

Yes, and others like it. I copy and pasted the 21% per month thing to a few different contracts.


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## J F (Dec 3, 2005)

And so no one get's their panties in a wad, I'm having a bit of fun with this, so hopefully everyone else is as well.


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## Mudhere (Nov 9, 2011)

I'm all for having fun :gunsmilie:


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## dom-mas (Nov 26, 2011)

Wow, some people must not read contracts.


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## J F (Dec 3, 2005)

You give most people an 8-12 page contract, most can miss a typo or two...do you disagree? :blink:


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## J F (Dec 3, 2005)

Please feel free to post your contract(s) if you wish. Maybe I can understand a little better where you're coming from.


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## Mudhere (Nov 9, 2011)

dom-mas said:


> Wow, some people must not read contracts.



Or they just pay their bills


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## J F (Dec 3, 2005)

Exactly...the late fee stuff has never come up. Just not had to delve into it. And of course, I'm not enough of an idiot to try and enforce a typo, that is is illegal, if payment problems arose.


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## Mudhere (Nov 9, 2011)

J F said:


> You give most people an 8-12 page contract, most can miss a typo or two...do you disagree? :blink:


8-12 page contract, they prolly don't read half of it, or understand half of it.

Most don't know the laws, A lot of contractors don't even know half the laws. I bet they know the laws after they been burned. I don't like to get burned.

Guys I worked under don't know jack about the laws in Illinois. Illinois law favors HO anyway.


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## J F (Dec 3, 2005)

When it comes to the "legalese", I agree. What clients want to see is a good explanation of what will be happening in their home and when, along with payment progress points.

If you're doing your job correctly, and you don't have some off-the-wall-crazy-bonkers client, the contract doesn't come into play after the original signing.

A good contract will not save you from crazy clients, it just makes dealing with normal people much easier...and those that are slight pitas. :laughing:

I would never want to end up in a courtroom with a crazy client with no signed contract...or a vague one. The judge would more than likely, rip you a new one.


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