Thank you for your follow-up. Please allow me explain below:
1) The contract states "All workmanship is warranted for 1 year". Does a one year warranty sound acceptable
That is typically an industry standard. You can ask for more but almost all professionals provide a limited 1 year warranty.
2) The contract states "Dispute or claim will be decided by binding arbitration" I imagine this is not a problem
That may be a problem, instead of going to court you would need to hire your own arbitrator, your own attorney, and have this arbitrator act as the judge and make decisions. At times binding arbitration ends up being more expensive than court, but at this point those clauses are almost a given.
3) The contract states " that if contractor, subcontractor, laborer or supplier if not paid they have right to place a lien on the property" Is there anything I can do to protect myself
That is a builder right. Other than paying on time, this condition really cannot be bypassed.
4) If the general contractor has purchased worker’s compensation insurance specifically for our project, will that cover injuries and claims by subcontractors, laborer or suppliers. Or do I need each sub-contractor to have worker’s comp or is that something that the general contractor takes care of.
Excellent question, ask if the policy is an 'umbrella coverage' type or specific to the contractor. The former covers all, including sub-contractors that the builder may bring on-board.
5) Should I have a clause added about if general contractor or sub-contractor commits a error in construction, he or she will be responsible for the correction
You can, although this is likewise understood in the industry as a fact of business. Still, to ensure that the parties agree and know their own liabilities it may be wise to do so.
6) Should I add a clause asking the general contractor that he or she will pay the sub-contractor on time and ensure they have workers'comp
That you cannot, what you can do is your can add language stating that if the sub-contractors place a lien or encumbrance against your property for any reason pertaining to general contractor behavior (such as non-payment), the general contractor agrees to indemnify you (cover the costs) and likewise cover your attorney fees.