Top 10 Questions Owners Should Ask Before Signing a Construction Contract
Construction contracts are often such voluminous documents that it can be difficult for owners to recognize and adequately negotiate the key terms that play the largest role in how construction risk and costs are allocated, writes in Kegler, Brown, Hill + Ritter‘s Ohio Construction Law blog.
In the article, he considers 10 questions owners should ask themselves before signing a contract with a contractor for a commercial project.
A few of those questions are: Is there a consequential damages waiver? Is there a liquidated damages provision? Is the contractor required to provide a performance and payment bond? What costs are recoverable by the contractor under a termination for convenience?and has the contract been coordinated with the requirements of the lending institution?
