Florida companies that are entering into a construction contract are likely itching to get the work underway. However, it’s important to take the time to read through the entire contract and ensure that it covers all foreseeable issues. There are a few main concerns that you want to consider when constructing your contract.
When it comes to construction law matters, time frames are some of the biggest problems that parties to a contract run into. Issues like the weather and material shortages can cause a delay in the initial timing of a contract. It’s vital that you set time frame restrictions and specify what happens if those time frames are not adhered to.
Another extremely important part of your construction contract that you need to pay attention to is the price. All the prices should be clearly stated so that both parties are on the same page as far as what it’s going to cost. If there are going to be any additional fees, they should be included on top of the regular hourly rate or project rate.
It’s also crucial to hash out the payment method used. Depending on how your contract is set up, you may need to pay for materials ahead of time, or you may pay a set amount for every established term. It’s vital that you work out this information ahead of time so that both parties understand when payment is to be made and in what amount.
When you’re establishing a construction contract, there are many different components that you’ll need to think about. The ones above are some of the most important to address in your contract so that you don’t run into any legal issues later on down the road.