Companies must become more risk aware. Companies need to assess a project’s potential risk and to be decisive in either avoiding or managing that risk. As the economy worsens, there is less work available and the competition for that work is increased. This combination of less available work and heightened competition reduces both a company’s […]
The contract documents establish the rules and framework for the design and construction of the project. Based on previous projects and conflicts, experienced construction practitioners have their own forms and, as importantly, opinions on what should typically be included in Owner-Contractor, Owner-Architect and Contractor-Subcontractor agreements. Even skilled practitioners, however, must alter or modify the contract […]
Critical components of a contract include: indemnification, scope of work, warranty, payment terms, pay if paid/pay when paid. schedule of values, liquidated damages, damages waiver(s), financial wherewithal of owner, schedule, construction change directives, and more. The following article lists each section and gives details.