Construction Contracts: Best Practices for Payment, Changes and Damages Provisions
Recording of a 90-minute CLE webinar with Q&A
This CLE course 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.
Outline
- Strategies for key payment provisions
- Time allowed for making payment (and penalties for being late)
- Retainage clauses — Do’s and Don’ts
- Preserving the ability to withhold, cancel or offset payments
- Proper conditions for final payment (and avoiding waiver of claims upon payment)
- Drafting appropriate changes clauses
- Types of changes (directives vs. approved changes vs. unapproved changes)
- Formulas for partial payment if changes are disputed
- Key ingredients to prevent surprise claims for extras
- What actually constitutes a compensable change?
- Strategies for waivers, damages and dispute resolution provisions
- Lien waiver forms — Are they worth the paper they are written on?
- The pros and cons of consequential damage waiver clauses (and alternative language to consider)
- Generalized waivers for indirects, consequentials, exemplary and punitive damages
- Limits of liability — knowing when (and how) to push back
- 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
Shareholder
Ruberto Israel & Weiner
Mr. Croft concentrates his practice on complex business matters in the areas of construction, real estate, partnership... | Read More
Mr. Croft concentrates his practice on complex business matters in the areas of construction, real estate, partnership disputes, and general commercial law. In his construction practice, Mr. Croft represents general contractors, owners, subcontractors and suppliers, as well as developers and sureties, in all aspects of construction transactions and disputes. He is the former Chair of the Boston Bar Association Construction Law Committee and is a frequent lecturer on construction law issues, among others.
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Eric A. Grasberger
Partner
Stoel Rives
Mr. Grasberger focuses his practice on development and construction law, including development risk analysis and risk... | Read More
Mr. Grasberger focuses his practice on development and construction law, including development risk analysis and risk shifting, contract drafting and negotiating, insurance review and analysis, construction defect claims, delay and impact claims, lien and bond claims, and public contracts. He is the Chair of the firm’s Construction and Design Group, former Chair of the Oregon Construction Claims Task Force, and a frequent lecturer on design industry issues.
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