We are trying to find contractor standards that would be used when replacing exterior rotted wood. We have an old victorian home that has rotten wood that needs to be replaced. We understand that signing a contract before the wood is replaced will be necessary but we would like to find standards that will guide us when signing the contract so that we can discuss the process should a significant and negative aspect be "hiding" behind the rotted wood.
We appreciate your ideas.

I'd asy contractors don't have standards but they do follow building codes. You tell the contractor what you want replaced and he does just that, building code does not force or require rotted wood to be replaced. Call 3 contractors and ask for estimates based on the same written list of what you want done, take the middle bid.

It may be best to work out an hourly rate on this particular job. I don't know how much rott were talking but if it is just fascia boards and other minor replacements this is not a big deal. However if your looking at possible floor joist, or exterior band rott, extensive hand rail or porch rott then it may be in your favor to go with an hourly rate. My personal rate is $75 to $85 an hour. This will vary widly from state to state and from one contractor to another. If its over that your probably getting gouged.

So to sum this up, get a contract price for what you can see. Then an hourly rate plus materials for what you cant.

Agree with glavine. Ensure your contract deals with the eventuality of having to do more work... because rot is always worse than it first appears.

Just as a data point, we do our own contracting for our own houses. We pay labourers $15 to $20/hr. apprentices are $30 and journeymen carpenters are $40/hr. These do not have the contractor's 'premium' built in, and also I suspect glavine is more of a master than a journeymen... but is Canada really cheaper than the US?