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Tips for negotiating construction contracts

Negotiating construction contracts in Raleigh can be a complex undertaking. In fact, many contractors shy away from the process due to lack of knowledge or  fear that they will lose the project to a competitor. Accepting a contract without negotiating properly can spell disaster, however, especially if the terms of the contract are disputed down the line. If you feel you lack the knowledge to successfully negotiate a construction contract, ConstructionBusinessOwner.com recommends the following tips.

Have the Contract Reviewed

You may not be able to readily identify problematic terms within a construction contract. That's where professional legal assistance comes in; a seasoned attorney can thoroughly review a contract and point out any terms that could pose issues in the future. That way you can enter into negotiations with the right information to modify the contract accordingly.

Spell Out Conditions

You can also set conditions on bids to ensure your intentions are clear. The emphasis should be on terms and provisions that satisfy both parties. Clearly state that any provisions that shift the burden of risk unfairly will not be considered. By providing this information early on you might deter any parties uninterested in fairly assuming risk for the project.

Make Use of Addendums

If you feel you must make a modification to the contract at some point during the project, write up an addendum and submit it to other parties. You can also arrange a meeting so that the revision can be hashed out appropriately and any concerns can be raised. If accepted by all involved parties, the addendum can then be added to the larger contract.

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