Implementing Payment Plans into Your Construction Contracts Part 1
Before a contractor begins work on an exciting new project, they need to have the right contract in place. As a West Palm construction attorney knows, having an established legal agreement before you break ground can safeguard your best interests and ensure you will be compensated for your hard work. The right legal document can settle potential disputes before they arise and provide all contracting parties with a specific guideline in regard to the expectations of the project.
A Law Firm Dedicated to Construction Professionals
At Cotney Attorneys & Consultants, our attorneys are devoted to the construction industry. We pride ourselves on providing our construction clients with accurate and knowledgeable legal counsel. A West Palm construction attorney can draft, review, and revise your construction contracts to make certain that your bests interests are protected. In this two-part series, we are discussing several of the benefits of implementing a payment plan into your contracts to ensure you are compensated promptly for your excellent work. Remember, every successful construction enterprise begins with a clearly worded contract. Speak with a West Palm construction lawyer today to ensure your business is protected.
The Art of the Construction Contract
In the world of construction, the contract is king. The right agreement can establish many crucial issues on a project, protect a contractor from litigation, give a legal avenue if the contract is violated, and help ensure prompt payment from an owner when a project is completed. In this first section, we will discuss the art of the construction contract and how to properly implement a payment schedule into your project. In the second section, we will discuss how a payment plan can benefit you when you are dealing with a variety of circumstances on a project.
Coordinate a Payment Plan
Every project, big or small, should have a payment plan in place. Construction contracts need a clause in place that stipulates exactly when a contractor is owed money from the owner. In other words, when you reach a significant accomplishment on your project, you should be rewarded for achieving this milestone accordingly. Many construction professionals working on smaller projects will take their client “for their word” and the results can be crippling to a business when you fail to receive prompt payment.
With a payment schedule in place, how you will be compensated is clearly identified in the contract. In other words, every achievement accomplished by the contractor is directly linked to a payment percentage for completing the work. With an unambiguous payment schedule implemented into your contract, payment disputes are much easier to avoid.
If you would like to speak with a West Palm construction lawyer, 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.