Construction Contracts: Best Practices for Payment, Changes and Damages Provisions

Recording of a 90-minute CLE webinar with Q&A

Conducted on Wednesday, August 26, 2015

Recorded event now available

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Program Materials

This CLE webinar is for real estate development and construction principals, professionals, and attorneys who draft or review construction contracts. The panel will explain common pitfalls that arise when enforcing contracts and best practices to understand the risks, mitigate the risks, and resolve disputes when they arise.

Description

A construction project’s success or failure is tied directly to the terms of the construction contract.Thoughtful and strategic contract negotiations are key to avoiding loss. An effective contract clearly defines the boundaries for payment, changes, claims and damages, and carefully allocates risk among the parties.

Listen as our panel of distinguished and highly experienced construction attorneys provide best practices for drafting key payment, changes, damages and dispute resolution provisions in construction contracts.

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Outline

  1. Strategies for key payment provisions
    1. Time allowed for making payment (and penalties for being late)
    2. Retainage clauses — Do’s and Don’ts
    3. Preserving the ability to withhold, cancel or offset payments
    4. Proper conditions for final payment (and avoiding waiver of claims upon payment)
  2. Drafting appropriate changes clauses
    1. Types of changes (directives vs. approved changes vs. unapproved changes)
    2. Formulas for partial payment if changes are disputed
    3. Key ingredients to prevent surprise claims for extras
    4. What actually constitutes a compensable change?
  3. Strategies for waivers, damages and dispute resolution provisions
    1. Lien waiver forms — Are they worth the paper they are written on?
    2. The pros and cons of consequential damage waiver clauses (and alternative language to consider)
    3. Generalized waivers for indirects, consequentials, exemplary and punitive damages
    4. Limits of liability — knowing when (and how) to push back
    5. Five key ingredients in dispute resolution clauses

Benefits

Attendees at this webinar will leave with a high-level understanding of the issues, a checklist of key considerations in each area addressed, and a toolbox of alternative approaches to get each contract over the goal line to execution.

Faculty

Bradley L. Croft
Bradley L. Croft
Shareholder
Ruberto Israel & Weiner

Mr. Croft concentrates his practice on complex business matters in the areas of construction, real estate, partnership...  |  Read More

Grasberger, Eric
Eric A. Grasberger
Partner
Stoel Rives

Mr. Grasberger focuses his practice on development and construction law, including development risk analysis and risk...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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