Tips for Construction Contract Review Part 1
Construction professionals should never underestimate the value of a well-written contract. A contract is a legally binding agreement that provides the framework of the responsibilities of each individual related to the project. Before you put pen to paper, it’s critical that you consult an experienced legal professional to review your construction contracts.
In this three-part series, we will discuss how a Memphis construction attorney can provide you with the underrated service of contract review to ensure your best interests are protected on all of your construction contracts. At Cotney Attorneys & Consultants, our Memphis construction attorneys assist construction professionals with drafting, reviewing, and revising contracts to ensure our clients are protected.
Signs of a Bad Contract
Even if you have decades of experience working in the construction industry, you can easily overlook important clauses in an agreement that can lead to a dispute or hold you responsible for factors beyond your control. Here are a few common ways that construction professionals become entrapped in a bad contract when they neglect to have an experienced attorney review their agreement:
- One-Sided Agreement: Does the contract set forth reasonable expectations and responsibilities for all parties involved in the project? Are the potential risks and rewards fair and balanced for each contracting party? An attorney can help you determine whether or not the contract is mutually beneficial to all parties.
- General or Unclear Expectations: Does the contract clearly define your role on the project or is it too general or unclear? Although contracts serve a plethora of purposes, the main reason for a written agreement is to clearly articulate the expectations of each party working on the project to ensure that there are no complications along the way that lead to disputes.
- Questionable Characteristics: Is the owner pushy or demanding about signing the contract? Do they have an unfavorable track record? Before you review a contract, an owner you don’t want to do business with can be overly demanding or refuse to budge on important clauses in the agreement. It’s often best to trust your gut and move on if there are red flags during the contract negotiation phase.
If you would like to speak with a Memphis construction attorney, 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.