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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 provides a practical guide to drafting the most important provisions of construction contracts.
Part 1 topics include:
- 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