2022 Construction Contracts: Drafting Issues, Spotting Red Flags & Allocating Risk, Part 2

Recording available after original program date, 10/26/2022

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.

Day 1:
•    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

Day 2:
•    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.