Q: What does the phrase "execution" mean in a contract with a contractor?
WE have an insurance claim and our contractor's estimate is far off from the adjuster's, and what the insurance company is willing to pay. The contract states that if it is cancelled 3 days from execution then we owe %1500.00. In this instance. What does "execution" mean?
If I fire this contractor, do I owe him this money, even though there is a disagreement with the insurance company?
A: A Georgia attorney could advise best, but your question remains open for a week. The term execution usually means to complete the formation of the contract by having necessary parties sign. But the term is also used loosely, so that some may argue that it involves carrying out the obligations. It would be best to review the specific contract in its entirety with a local attorney to be certain here. Good luck
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