|
Agreeing Contract Terms with the Builder |
|
|
|
Written by Datum Montenegro
|
|
Monday, 16 April 2007 |
|
The
construction contract is the corner stone for a successful project, but it is
often not given the attention it is due. Standard construction contract from a
builder will be more favorable to him and offer you little protection.
Our
role is to negotiate the best terms we can on your behalf. Key clauses include
the payment terms, clear specification of the work, minimal additional costs
due to unforeseen work, penalty clauses, sequence of events if say the builder
becomes insolvent to protect the work you have paid for, etc… Tight contract
terms are in the interests of all parties to ensure there are no
misunderstandings later on. Trying to sort out mistakes that are due to a poor
contract can be very frustrating and expensive.
|