Vermont § 5509 - Requirements of registrants

§ 5509. Requirements of registrants

• (a) Insurance. A person registered under this chapter shall maintain minimum liability insurance
  coverage in the amount of $1,000,000.00 per occurrence and $2,000,000.00 aggregate,
  evidence of which may be required as a precondition to issuance or renewal of a registration. (b) Writing. (1) A person registered under this chapter shall execute a written contract prior to receiving
  a deposit or commencing residential construction work if the estimated value of the
  labor and materials exceeds $10,000.00. (2) A contract shall specify: (A) Price. One of the following provisions for the price of the contract: (i) a maximum price for all work and materials; (ii) a statement that billing and payment will be made on a time and materials basis, not
  to exceed a maximum price; or (iii) a statement that billing and payment will be made on a time and materials basis and
  that there is no maximum price. (B) Work dates. Estimated start and completion dates. (C) Scope of work. A description of the services to be performed and a description of the materials
  to be used. (D) Change order provision. A description of how and when amendments to the contract may be approved and documented,
  as agreed by the parties. (3) The parties shall document an amendment to the contract in a signed writing. (c) Down payment. (1) If a contract specifies a maximum price for all work and materials or a statement
  that billing and payment will be made on a time and materials basis, not to exceed
  a maximum price, the contract may require a down payment of up to one-half of the
  cost of labor to the consumer, or one-half of the price of materials, whichever is
  greater. (2) If a contract specifies that billing and payment will be made on a time and materials
  basis and that there is no maximum price, the contract may require a down payment
  as negotiated by the parties. (Added 2021, No. 182 (Adj. Sess.), § 14, eff. July 1, 2022.)