Understanding construction contracts is crucial for protecting your investment. Here’s our expert guide to contract management:
Key Contract Considerations
- Clear Scope Definition
- Detailed project specifications
- Explicit deliverable expectations
- Measurable milestones
- Performance indicators
- Risk Allocation
- Balanced risk distribution
- Clear liability clauses
- Comprehensive insurance requirements
- Dispute resolution mechanisms
- Payment Structures
- Milestone-based payments
- Performance incentives
- Retention clauses
- Late payment penalties
- Compliance Requirements
- Local regulatory standards
- Environmental regulations
- Labor laws
- Safety standards
Expert tip: Always have a qualified quantity surveyor review your contracts before signing.
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