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| Bulgarian property building contracts | ||
Whether you decide to use a Bulgarian project management company to act as your representative or approach building contractors in Bulgaria directly, you will have to sign a contract with a Bulgarian builder. The contract should describe the obligations of both parties and the payment scheme. There should also be penalty clauses for delays in construction (although it should be pointed out that the normal penalties are not much of a deterrent for delayed work).The Bulgarian property building contractor makes an estimate based on an examination of the designs prepared by a design team and on the Bill of Quantities (detailed estimate of the elements of works). Contractors typically insist on a 20 per cent advance payment to cover the initial costs of buying materials. Subsequent payments would be based on completed works. During your discussions with the building contractor in Bulgaria you should raise the issue of invoices. These are official documents that the contractor should give to you whenever you pay for work. If you have bought the property through a Bulgarian company (and the invoices are issued in the name of your Bulgarian company) you can use the invoices to reduce your tax bill by declaring them as costs. It is not unusual for additional works to be found to be required as renovation progresses, resulting in additional costs. These are works that could not have been foreseen by the architect’s team. For example during the excavation of the site more rocks might be found than anticipated. These additional costs must be paid for, but should not amount to more than 10 per cent of the total original contract value. |
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| Monday, Jan 18, 2010 | ||
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