Building contractor (registered contractor)
In short
The contractor is who actually builds. A "registered contractor" is one the state has entered in the Contractors' Register, with a classification setting the financial scale of work they may perform. A good contract and close supervision are what protect you.
The professional explanation
The Registration of Contractors for Construction Engineering Works Law, 1969, requires registration for work above a sum set in regulations. The classification (branch 100 building, groups C1-C5) sets the financial ceiling per project.
Engagement types: main contractor (lump-sum or bill of quantities), subcontractors, turnkey, and construction management. The contract should include specification, bill of quantities, schedule, payment milestones, liquidated damages for delay, guarantees and warranty.
Checks before signing: valid registered-contractor certificate, experience on similar projects, financial strength, insurance (third party, contractor's all risks, employer's liability), and verifiable references.
Example from the field
Building a house in the Sharon, the landowner chose the cheapest contractor without a detailed bill of quantities. "Extras" during construction took the cost above the other bids. A quantities-based contract and supervision would have prevented it.