We appreciate any and all feedback so feel free to send a text.

5 Key Takeaways on Contracts in the Construction Industry

Contracts are an essential part of any construction project, and it's crucial to understand their terms and conditions to avoid misunderstandings and disputes. Here are five key takeaways from the recent podcast episode on contracts in the construction industry:

1. Read and understand the contract: Contracts are legally binding agreements between two parties, and it's essential to read and understand their terms and conditions. Failure to do so can lead to disputes and legal action.
2. Follow the details of the contract: Contracts protect both parties and outline the budget, timeline, and scope of work. It's crucial to adhere to them to avoid disputes and misunderstandings.
3. Communication is key: Communication between parties should be put in writing and become a part of the contract to be valid. It's essential to have clear expectations and guidelines to avoid conflicts.
4. Change orders are critical: Change orders can cause delays in payment and should have a defined process for handling them. It's important to have clear and defined terms in the contract regarding change orders.
5. Document everything: Daily logs should document delays, and any changes to the contract should be documented in a change order. It's crucial to approach the job with a focus on following the contract to avoid any potential legal issues.

In conclusion, contracts are crucial for any construction project to run smoothly and avoid conflicts. By following the terms of the contract, communicating clearly, and documenting everything, both parties can ensure a successful project and a satisfied customer.

Contracts, construction industry, reading contracts, understanding contracts, legal agreement, homeowner, contractor, misunderstandings, disputes, due diligence, communication, warranties, warranty cost, customer expectations, change orders, project delays, completion, timelines, documenting delays, daily log, commercial construction, legal issues.

Support the show

Carolyn can be found on LinkedIn at:
https://www.linkedin.com/in/carolyn-mcmahon-937b89158
Joshua can be found on LinkedIn at:
www.linkedin.com/in/joshuamcmahon15
Email for feedback, questions, complaints, etc:
[email protected]

Daily Journal: https://amzn.to/41p9aKE