Construction contracts are the legal documents that outline each party’s obligations and roles, as well as the process by which the project will be carried out. As a result, accuracy is crucial to uphold the legal duties in a legal contract. Both parties are obligated by construction contracts to carry out their stated obligations and finish the project on schedule.
KJ Taylor Consulting Ltd, offers you the following helpful information on construction contract management and its significance with the aim to help you understand the value of it:
Why is a Construction Contract Review Important?
The contractors and clients can negotiate the terms of the agreement at length before signing it. There is an inherent danger in construction. The division of risk among the stakeholders can frequently determine whether a project succeeds or fails.
These dangers result not only from the contract’s words or form but also from any omissions and the fine print of the legislation. Later, seemingly insignificant changes or omissions can have a big financial impact too.
Contractual ambiguities and grey zones serve as a haven for disagreements. If high-risk and burdensome conditions were overlooked before the contract was executed, it could have a major impact on payment and/or demands for more time and/or money.
Specialists in the construction contracts and disputes have the right level of knowledge and expertise to recognise the different risk(s) associated with provisions that appear harmless or unimportant at first glance.
Contractors can manage the risk and prevent any costly, protracted legal processes by hiring a professional contract review attorney and spending a very small sum of money.
Before signing a contract, a party should consider the following important risk allocation factors as discussed below in detail:
Important Components of a Construction Contract Review
* Scope of Work
* Cost and Structure of Payment
* Requirements for Legal Compliance
* Allocation of Risk
* Agreements with Subcontractors and Suppliers
* Standards of Performance and Quality
How NEC Training Helps in Understanding Construction Contracts?
- Recognise the general ideas underlying the NEC contract suite.
- Recognise the differences between the NEC3 and the NEC4
- For your project, decide which primary and secondary solutions are most suited.
- Recognise the fundamental concepts guiding the contract’s administration.
- Recognise the differences between NEC3 and the NEC4 Engineering and Construction Contract Suite, as well as when and why to employ each.
- Implement the early warning and communication mechanisms, as well as other fundamental NEC4 contract administration principles.
- Evaluate the approved programme.
- Adhere to the procedure for compensating events.
- Recognise typical problems and possible solutions.
- Understand the role of contractor, client, construction quantity surveyors and project manager.
Looking for a Reputable Contract and Claim Management Company?
Elevate your construction project management with specialized assistance and services from KJ Taylor Consulting Ltd. You can contact us at +0115 933 6131 or drop an email at [email protected] and ensure all your contract and claims management issues are taken care of while you focus on the timely execution and delivery of the projects.