Every building meant to last for years must have at its base a solid foundation. Solid foundations are also a crucial part of business relationships in the construction industry.
When you and your business are contemplating consummation of a new business arrangement, there are several things to consider before putting your name on a construction contract.
Some of the most important clauses that should be included in a well-constructed contract are scope of work, price and the time frame in which goods or services are to be delivered. However, clauses related to indemnity, insurance, attorneys' fees and dispute resolution mechanisms are often equally important.
Remember that, in general, once the contract has been agreed to and signed, it cannot be changed unless both parties agree. It is much simpler and easier to get the terms right the first time.
Another thing to keep in mind as you contemplate a contract that has been prepared by the other party or is perhaps a boilerplate document: read it carefully and then have your construction law attorney examine the document as well.
An experienced attorney can help you understand the terms of the contract and what it obligates you and the other party to when signed. The last thing you want is for a dispute to arise and only then learn of an overlooked provision in the agreement you signed.