Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
General contractors are not required for simple and precise tasks such as laying the foundation or replacing a roof. However, they are particularly sought-after when it comes to complex commercial projects. General contractors are also popularly hired for clear-cut residential projects.
Let us look at the responsibilities of a General Contractor in real estate.
A general contractor is assigned the task of supervising every stage of a construction project right from the beginning through to the end. They basically act as the middleman between the owner of the property and every other aspect of construction.
In a project under development, the general contractor is entrusted with the following tasks:
• Generating a budget for the entire project and making sure that it not overwhelmed.
• Employ subcontractors to delegate specific tasks to.
• Cooperating with the architect of the project and making sure that his designs are recognized.
• Maintaining appropriate direction of the construction work with reference to the previously specified particulars.
• Steering the project to meet the deadlines and ensure punctuality.
• Recompensing for any impediments or setbacks.
• Make sure all the construction workers and subcontractors are aptly compensated for their time and work.
It should be noted that every payment disbursed by the owner goes through the general contractor since they are responsible for making sure that the work is completed as per the specifications. Hence, on approval from the general contractor, the owners make the due payments to the subcontractors and other employees.
It should also be noted that as per State regulations, all general contractors are required to obtain specific licenses from the government. Licensing proves to be profitable for all the partners and shareholders of a construction project. Being a licensed contractor allows you to be easily discovered by property owners who are looking for credible contractors. In many states, such licenses can help a general contractor protect his lien rights. Additionally, such licenses allow the government to make sure that contractors follow the specified directives with respect to safety, insurance, and taxes.
