Protect Yourself with A Solid Construction Contract
Sept. 2, 2023
Hey there! I hope your week has been fantastic so far! If you're diving into the world of real estate, whether it's remodeling your new home or preparing to sell your current one, listen up! Having a rock-solid construction contract is crucial to safeguard yourself throughout the process. Here's why you need one:
Limit Your Risks: A well-written contract can shield you from potential lawsuits and liability headaches during construction. It allows parties to decide how unexpected events or breaches of contract will be handled in advance.
Essential Elements: Ensure your contract covers these key aspects to protect yourself:
Price and Payments: Clearly define the price and payment schedule to avoid disputes during and after the project. Address timelines, standard payment methods, and any additional fees.
Changes to the Contract: Construction is fluid, and delays happen. Include provisions for how the contract will be modified in case of unexpected events, delays, or mutual agreement.
Timeline and Schedule: Outline the anticipated project timeline, construction schedule, and performance obligations of each party.
Warranty Obligations: Clearly state the contractor's warranty obligations, including provisions for failed inspections or future construction defects.
Dispute Resolution: Specify whether negotiation or mediation is required to resolve potential disputes, potentially saving you money on legal battles.
If you have any questions about drafting a new construction contract, need assistance in creating one, want a second opinion on your current contract, or are facing a construction dispute, feel free to give me a call. I'm here to help!