Perilous Provisions in Construction AgreementsMay 13, 2016
You’ve completed an accurate take-off. You’ve priced all the material and equipment needs. You’ve estimated your general conditions. You’ve lined up the necessary subcontractors. And now you’ve been awarded the contract. What comes next often seems like just a formality—finalizing the agreement and executing the contract. However the drafting, negotiating, and approval of certain provisions in construction contracts can have significant consequences for each contracting party. It is imperative that the contracting parties critically consider the consequences of each contract provision and diligently review changes to any negotiated provisions. While the following list includes several key provisions project owners and their contractors should carefully consider when beginning a new project, it is not exhaustive.
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