Protect Your Business with Updated Contracts from NAHB
To help residential construction business owners protect their organizations, NAHB offers 27 contracts written specifically for home builders and remodelers that cover a wide range of construction industry activities.
NAHB Contracts has long been a go-to resource for home builders looking to save time and money in the development of their critical contracts. Now is the perfect time to explore NAHB Contracts because many were recently updated to reflect key changes in the market.
Nearly all the contracts have been significantly modified to expressly address the potential impacts from pandemics and epidemics. New language also gives contract parties the flexibility to amend the time for performance due to labor and material shortages.
Another notable update includes a substantially revised “New Home Plans & Specifications” document with almost 40 categories that allow for more detail such as listing the products to be used by brand and model, special installation requirements, finishes, sizes, dimensions, and more.
NAHB Contracts are divided into five broad categories covering most legal agreements in residential construction:
- Construction Contracts
- Sales Contracts — Completed Dwellings
- Contract Exhibits — Additional Terms (which include contracts for change orders)
- Remodeling Contracts
- Subcontracts
Check out NAHB Contracts today to get updated legal documents that will protect your business and help you get back to building and remodeling homes. NAHB members received discounted pricing on the contracts.
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Latest Economic News
The U.S. labor market rebounded in October, with nonfarm payroll employment increasing by 165,000 jobs and the unemployment rate declining to 4.1%. However, the improvement in overall employment contrasts with continued weakness in residential construction, where employment fell by 16,400 jobs, the largest monthly decline since March 2021.
New multifamily housing confidence weakened year-over-year in the third quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41, down five points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, also down five points year-over-year.
Mortgage application activity declined in October as the 30-year fixed mortgage rate rose sharply again. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 14.1% month-over-month in October on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were 39.8% lower.