Thursday, March 28, 2019, 1:00-2:00pm
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.
The construction contract is a comprehensive and careful allocation of risks, a compromise between flexibility and price/cost certainty, and establishes procedures for resolving disputes short of costly litigation.
This program provides a practical guide to drafting the most important provisions of construction contracts and cost-effective resolution of disputes.
Part 2 topics include:
- Identifying, mitigating and allocating risk among property owners, developers and investors
- Spotting red flags and identifying risks in construction contracts
- 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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