Contractor wants the depreciation amount as well as the contract amount. I was promised no money out of pocket. Depreciation amount is out of pocket. I don't have RCV,only ACV. My insurance co states that I owe the contractor the depreciation amount. A contractor get 20% also for overhead & profit. where is this built in at? The cost or depreciation. Do I have to pay this contractor the depreciation amount?
2006-07-30 10:45:12 · 1 answers · asked by J.J. 1 in Business & Finance ➔ Renting & Real Estate
Your payments will depend entirely on your contract. If your contract states that there will be zero out-of-pocket cost, then you would have no obligation to pay the depreciation. If your contract does not state this explicitly, however, then you would be responsible for the payment.
If you are uncertain which terms apply, then you will need to review the contract with your lawyer.
Hope this helps!
2006-08-01 05:52:47 · answer #1 · answered by extremenerd 7 · 1⤊ 0⤋