Total Credits: 1.2 Self Study
Recording available after original program date, 10/25/2022
Construction contracts are among the most difficult agreements to draft or review and negotiate. At every stage, building is fraught with substantial risk – timely regulatory approvals, cost containment and price certainty, financing contingencies, building deadlines, and a host of other risks. If these risks materialize, as is common, the bargained for exchange among the parties and their expectations are radically unsettled. Construction contracts are a careful allocation of risks, a compromise between flexibility and price/cost certainty, and establish procedures for resolving disputes short of costly litigation. This program will provide you with a practical guide to drafting the most important provisions of construction contracts.
• Reviewing and drafting essential provisions of construction contracts
• Use and common mistakes in using AIA contacts in negotiations with builders
• Defining the scope of a project and planning for modifications
• How fees and costs are structured – and allocating risk of modification
• Tying performance standards and timelines to payments
• Insurance and indemnification provisions of construction contracts
• Role of subcontractors and mechanics and materialmen liens
• Anticipating disputes between property owners and builders, and building in cost-effective dispute resolution
• Role and limitations of different type of damages
Note: This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics, elimination of bias or Kansas credit.