1. The Board may adopt by regulation mandatory elements to be included in all contracts to be used by residential contractors for work concerning a residential improvement. Such mandatory elements must not be waived or limited by contract or in any other manner. On and after October 1, 2023, any contract entered into between a residential contractor and the owner of a single-family residence who occupies the single-family residence for work concerning a residential improvement must comply with the provisions of this section and all applicable regulations adopted by the Board. A contract that does not comply with the provisions of: (a) Subsection 2, other than the provisions of paragraph (g) of subsection 2, and all applicable regulations adopted by the Board may be modified by the owner of the single-family residence to bring the contract into compliance with those provisions and regulations. Any modification of a contract made pursuant to this paragraph is enforceable against the residential contractor if the modification is reasonable. (b) Paragraph (g) of subsection 2 is voidable by the owner of the single-family residence. 2. Any contract for work concerning a residential improvement must contain in writing at least the following information: (a) The name of the residential contractor, his or her address and contractors license number and the monetary limit on that license. (b) The name and mailing address of the owner of the single-family residence on which the work is being performed and the address or legal description of the property. (c) The date of execution of the contract. (d) The estimated date of completion of all work to be performed under the contract. (e) A description of the work to be performed under the contract. (f) The total amount to be paid to the residential contractor by the owner for all work to be performed under the contract, including all applicable taxes. (g) The amount, not to exceed $1,000 or 10 percent of the aggregate contract price, whichever is less, of any initial down payment or deposit paid or promised to be paid to the residential contractor by the owner before the start of the work. The provisions of this paragraph do not apply if the residential contractor has filed with the Board a bond solely for the protection of consumers in the amount of $100,000 or has been granted relief by the Board pursuant to subsection 5 of NRS 624.270 . (h) A statement that the residential contractor has provided the owner with the notice and informational form required by NRS 624.520 and 624.600 . (i) A statement that any change in the scope or price of the work to be performed under the contract must be agreed to in writing by the parties and incorporated into the original contract as a change order. A change order is not enforceable against the owner who is contracting for work concerning a residential improvement unless the change order sets forth all changes in the scope and price of the work and is accepted by the owner. (j) For a project of new work concerning a residential improvement, a plan and scale drawing showing the shape, size and dimensions of and the specifications for the construction and equipment for the work specified in the contract, and a description of the work to be done, the materials to be used and the equipment to be installed, and the agreed consideration for the work. For projects which consist exclusively of repairs to existing work concerning a residential improvement, plans, scale drawings, equipment specifications and lists of materials and equipment are not required to be contained in or included with the contract. (k) Except as otherwise provided in this subsection, the dollar amount of any progress payment and the stage of construction at which the residential contractor will be entitled to collect progress payments from the owner during the course of construction under a contract for work concerning a residential improvement. The schedule of payments must show the amount of each payment as a sum in dollars and cents. The schedule of payments must not provide for the residential contractor to receive, nor may the residential contractor actually receive, payments in excess of 100 percent of the value of the work performed on the project at any time, excluding finance charges, except for an initial down payment or deposit. The provisions of this paragraph do not apply if the residential contractor has furnished a bond for payment and performance covering full performance and completion of the contract and the cost of the bond is included in the price of the project. (l) If the contract provides for payment of a commission to a salesperson out of the contract price, a statement that the payment must be made on a pro rata basis in proportion to the schedule of payments made to the residential contractor by the disbursing party in accordance with the provisions of paragraph (k). Except as otherwise provided in subsection 5, the contract may contain such other conditions, stipulations or provisions to which the parties may agree. 3. The contract must contain: (a) A method whereby the owner may initial provisions of the contract, thereby indicating that those provisions have been read and are understood. (b) In close proximity to the signatures of the owner and the residential contractor, a notice stating that the owner: (1) May contact the Board if assistance is needed to clarify any of the provisions of the contract that the owner does not fully understand; (2) Has the right to request a bond for payment and performance if such a bond is not otherwise required pursuant to NRS 624.270 ; (3) May contact an attorney for an explanation of the rights of the owner under the contract; and (4) May, if the contract was explained in a language other than the language in which the contract is written, ask for a contract that is written in the language in which the contract was explained. 4. At the time the owner signs the contract, the residential contractor shall furnish to the owner a legible copy of all documents signed and a written and signed receipt for any money paid to the residential contractor by the owner. All written information provided in the contract must be printed in at least 10-point bold type. The contract, receipt and other documents referenced in this subsection may be delivered by electronic means. 5. A condition, stipulation or provision in a contract that requires a person to waive any right provided by this chapter or any regulations adopted pursuant thereto or that relieves a person of an obligation or liability imposed by this chapter or those regulations is void. 6. The residential contractor shall apply for and obtain all necessary permits. 7. As used in this section: (a) Contract means any contract or agreement in which a residential contractor agrees to perform work concerning a residential improvement. (b) Residential contractor means a contractor who is licensed pursuant to this chapter and who contracts with the owner of a single-family residence to perform work concerning a residential improvement. (c) Single-family residence has the meaning ascribed to it in NRS 624.455 . (d) Work concerning a residential improvement or work means any construction, remodeling, repair or improvement performed by a residential contractor to a completed, single-family residence or any activity for the supervision concerning such work. The term does not include work concerning a residential photovoltaic system used to produce electricity, as defined in NRS 624.855 , or work concerning a residential pool or spa, as defined in NRS 624.915 .
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