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
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