Section 5509 - Requirements of registrants(a) Insurance. A person registered under this chapter shall maintain minimum liability insurance coverage in the amount of $1,000,000.00 per occurrence and $2,000,000.00 aggregate, evidence of which may be required as a precondition to issuance or renewal of a registration.(b) Writing.(1) A person registered under this chapter shall execute a written contract prior to receiving a deposit or commencing residential construction work if the estimated value of the labor and materials exceeds $10,000.00.(2) A contract shall specify: (A) Price. One of the following provisions for the price of the contract:(i) a maximum price for all work and materials;(ii) a statement that billing and payment will be made on a time and materials basis, not to exceed a maximum price; or(iii) a statement that billing and payment will be made on a time and materials basis and that there is no maximum price.(B) Work dates. Estimated start and completion dates.(C) Scope of work. A description of the services to be performed and a description of the materials to be used.(D) Change order provision. A description of how and when amendments to the contract may be approved and documented, as agreed by the parties.(3) The parties shall document an amendment to the contract in a signed writing.(c) Down payment. (1) If a contract specifies a maximum price for all work and materials or a statement that billing and payment will be made on a time and materials basis, not to exceed a maximum price, the contract may require a down payment of up to one-half of the cost of labor to the consumer, or one-half of the price of materials, whichever is greater.(2) If a contract specifies that billing and payment will be made on a time and materials basis and that there is no maximum price, the contract may require a down payment as negotiated by the parties.Added by 2022, No. 182,§ 14, eff. 7/1/2022.