Watch out for the Price Escalation Clause in Construction Contracts
Across the industry, homeowners, contractors, subcontractors, and suppliers alike have all experienced significant challenges related to the unprecedented increases in costs of raw materials. Lumber and steel represent two notable markets that have undergone seemingly uncontrollable price increases. Because both lumber, and steel form the bedrock upon which so much of our construction takes place, the cost of performance of many projects has increased on a monthly, if indeed not weekly basis, leaving many builders unable to meet their contractual obligations.
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About Alex Barthet
Alexander Barthet is a board certified construction attorney in Florida and holds a B.S. in mechanical engineering. He manages The Barthet Firm, a ten lawyer construction law firm in Miami, and maintains a construction law blog at www.TheLienZone.com. He can be reached at 305-347-5295 or alex@barthet.com.
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