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Contract News
SCC'S Bureau Of Insurance Advises Consumers Regarding Home Service Contracts
RICHMOND -- Effective July 1, 2006, the State Corporation Commission’s (SCC) Bureau of Insurance will have the authority to license entities as home service contract providers.
A new law adopted by the 2006 General Assembly (House Bill 383) established a regulatory framework for providers of home service contracts which includes licensure. These providers will be able to issue home service contracts that are similar to home protection insurance contracts, which are currently regulated by the SCC.
Both types of contracts are designed to offer consumers some financial protection against certain unforeseen home and appliance repairs and maintenance expenses that may not be covered under standard homeowners insurance policies. These may include failure of a home appliance or major system (such as electrical, plumbing, heating or air conditioning) due to normal wear and tear or mechanical breakdown. In the case of home protection insurance contracts, coverage may also include structural components of a residential dwelling such as roof, foundation, basement, walls, ceiling, or floors.
The SCC’s Bureau of Insurance advises consumers that there are important differences between home protection insurance contracts currently regulated by the Bureau, and home service contracts that become regulated on July 1. Although some features appear to be similar, home service contracts are not insurance.
There Are Three Elements For A Contract To Exist - Offer, Acceptance & Consideration
The first step to creating a contract is an Offer; followed by Acceptance of the offer which must be valid and then its Consideration which is a legal concept meaning something of value that is given in exchange for a performance or a promise to perform.
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General Information on Contracts
By definition, and as contractors already know, contractors contract. It's an essential part of what contractors do. And the essential meaning of c... Read more >
Definition:
To abrogate, annul, avoid, cancel a contract; declare it void in its inception and put an end to it as though it never were.
Offer
Definition:
Offer: A proposal that is made to a certain individual or legal entity to enter into a contract, that is definite in its terms, and that indicates the offerer's intent to be bound by an acceptance.
Goods
Definition:
The meaning may vary, but for purposes of a contract for storage or transportation it means all things treated as movable.
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