Tag: Contingency Clause

Sklyer Santomartino | Peckar & Abramson Contractors and construction managers who enter into cost reimbursable contracts subject to a guaranteed maximum price (GMP) are responsible for all project costs exceeding the GMP. For this reason, it is imperative that contractors negotiate and incorporate into the GMP a financial buffer that accounts for the unanticipated project… Continue reading The Contractor’s Contingency: What Contractors and Construction Managers Need to Know and Be Wary Of

Samantha Schact, Katesha Long and Josh Levy | Construction Executive This is the second article in a three-part series on construction contingencies. The first article is The Best Laid Plans: Contingency in a Construction Contract. WHO CONTROLS THE CONTINGENCY? Construction contingencies can be an excellent tool to help plan for the unexpected on construction projects, but… Continue reading The Best Laid Plans: Contingency in a Construction Contract Part II

Samantha Schacht | Construction Executive The best contracts provide the parties with a clear allocation of risks and responsibilities, and a process for handling inevitable project challenges. Contract negotiations can enable parties to have the difficult conversations allocating risks before the start of a project. An effective negotiation, in turn, aligns the parties’ expectations and… Continue reading Recommendations and Drafting Considerations for Construction Contingency Clauses Part III