Allocating Risk With Your Construction Contract
A well-written construction contract can be the deciding factor between a smoothly run project and a contractor’s worst nightmare. Your construction contract is more than a breakdown of the work to be performed, the time frame in which it is to be completed, and the various details governing payment; it’s also a document that designates liability. Because of this, contractors that neglect to have their contracts reviewed in advance by a Greensboro contractor attorney may find themselves being unfairly burdened with extra costs stemming from the owner’s negligence.
In this article, we will discuss how Cotney Attorneys & Consultants in Greensboro contract review services can help a contractor allocate risk away from their business. Whether it’s unfair time constraints, insufficient funding, or forced indemnity, our attorneys have the expertise and experience to ensure that your contracts are drafted to protect your business from harm.
Common Sources of Risk on Contracts
When you partner with a Greensboro contractor lawyer, they can help you minimize contractual risks related to time, design issues, acts of God, funding, regulatory risk, unexpected conditions, and indemnity.
Time: delayed project completion can lead to additional costs for contractors and owners.
Design Defects: design defects can occur for a number of reasons, but one party must ultimately be responsible.
Acts of God: severe storms can lead to delays and damages. A contractor can’t control the weather, so they shouldn’t be left footing the bill.
Funding: delays are inevitable when funds stop flowing into a project.
Regulatory Risk: if the government intervenes and requests changes to design or performance of a project, the contractor shouldn’t be responsible for any additional costs incurred.
Unexpected Conditions: bad soil or other unexpected conditions can have a tremendous effect on your ability to complete a project.
Third-Party Indemnity: determining which party is responsible for damages stemming from the negligence of third parties can be especially troublesome in the construction industry.
Construction Contract Review in Greensboro
Every contractor, subcontractor, and supplier can benefit from construction contract review in Greensboro. At Cotney Attorneys & Consultants, our Greensboro construction law lawyers can review your contracts to ensure that you are protected from unfair risk allocation.
If you would like to speak with one of our Greensboro construction law lawyers, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.