Transcription of UNDERSTANDING YOUR CONSTRUCTION CONTRACT
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UNDERSTANDING YOUR CONSTRUCTION CONTRACT
1 UNDERSTANDING your CONSTRUCTION CONTRACT [what you don=t know can and will be used against you]. Law Offices of Crawford & Bangs I. INTRODUCTION This article will review several key CONTRACT clauses used in CONSTRUCTION contracts. These clauses are the most frequently litigated. Consequently, it is imperative that you understand the effects of these clauses before entering into any CONTRACT . The essential elements of any CONTRACT are 1) identity of the parties; 2) description of the work; 3) time of performance; 4) CONTRACT price; and 5) payment. Each of these elements should be clearly identified and spelled out in the CONTRACT . Otherwise, you are at risk of having these terms determined by a disinterested and uninvolved party sometime in the future with potential disastrous results. II. KEY clauses IN THE CONTRACTUAL RELATIONSHIP A. NO DAMAGE FOR DELAY CLAUSE One of the great Arisk allocators@ in the CONSTRUCTION industry is the no damage for delay clause.
1 UNDERSTANDING YOUR CONSTRUCTION CONTRACT [what you don=t know can and will be used against you]. Law Offices of Crawford & Bangs I. INTRODUCTION This article will review several key contract clauses used in construction contracts. These clauses are the most frequently litigated.
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