Understanding and Negotiating Construction Contracts

Book excerpt: Construction is a complex business. Each project has its own unique physical and commercial considerations. Since there’s no such thing as a “standard” or “typical” construction project, construction contracts should also not be considered standard. The contractor must carefully manage both in order to have a successful outcome and protect the company’s interests and assets. This book will help you manage all these elements of the contract: Scope of work and schedule Terms of payment and cash flow Assurances of performance Insurance, bonding, indemnity, and warranties Changes to the contract Disputes and their resolution Damages Termination and suspension Force majeure International contracting