Contracts are often complex documents filled with jargon and legalese. In order to make sure your business gets what they deserve out of every project, you need to know exactly what these clauses mean for your company. In this episode, Alex, Wade, Rob, & Stephen share their top 3 pay-when-paid provisions, retainage and lien waivers. …
Indemnity is a term familiar to those in construction. Basically, indemnity shifts fault for damages or losses from one party to another. It is generally contractual, where one party agrees to assume responsibility by means of a written agreement, holding another harmless from the consequences of its actions or omissions. Indemnification shall always be a …
Almost as prevalent as those pesky pay-if-paid provisions are those no damage for delay clauses. Found in most every construction contract, these clauses seek to bar the prospect of any delay damages and to limit the remedy for delay to just a simple extension of time.
In order to avoid being held responsible for expenses incurred due to unforeseen conditions, contractors should carefully review their contracts for hidden conditions before bidding on them.