My wife and I are in the process of purchasing a manufactured home in Conway, SC. With the current inflationary issues, the contractor sent us a purchase agreement for the agreed upon price, but they also sent a "Materials Inflation Surcharge Notice", which states that the contractor reserves the right to increase the price if the cost of materials increases between the time the agreement is signed, and the expected completion of the home (currently October 2022). They would notify us in writing of the cost increase, and give us the chance to accept or reject this increase. If we reject the increase, they will refund our deposit.
Is this a common practice, or is this unique based on this inflationary crisis that is occurring recently. If we only sign the purchase agreement and send in a deposit, does this constitute a binding contract, even if we don't sign the surcharge notice?
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