Planning to give out construction contracts in New Orleans? Well before you give out any contract, you need to remember that a well-drafted construction contract clearly states the work to be done, the price to be paid and the terms and conditions of payment. |
You need to ensure that the above stated things are listed properly in the construction contracts. In New Orleans, agencies that specialize in this kind of work ensure that when the parties allocate a list of potential risks, the contract becomes longer and it also reduces the potential for disagreements in "gray areas" that are not addressed at all.
Here are some things that you need to think of before signing a construction contract:
1. Time frame: The agreement should indicate a time frame. If you are the one who is delivering the services or goods, make sure that you are allowing yourself enough time to complete the job. If you are the party who is receiving the goods or services, you need to ensure that the delivery schedule conforms to your needs.
2. Prices: This is the most important part of the contract. The agreement should clearly indicate the precise prices. Beware of additional charges that you have not discussed with the other party.
3. Payment method: Once you finalize the payment part, you need to determine the terms of payment and how and in what form the payment will be made.
4. Material terms and conditions: Make sure that the terms and conditions regarding the materials are clear with the other party and are on paper for record purpose.
5. Transaction Rules: This needs to be very precise and clear to avoid any kind of confusions. Every industry has different rules when it comes to this aspect. Make sure you know the industry procedure properly even before you sign.
6. Penalties: Make it clear whether there are any late payment penalties involved and if yes then check if they are reasonable.
7. Arbitration clause: No matter how good you are with the party, there is a possibility that a dispute may arise at any point of time with regard to the construction contracts. In New Orleans, legal experts say that the arbitration clause can come to your rescue in this situation. Arbitration is not that expensive and is less formal than court. If you sign this properly then you have probably waived your right to take the matter to court.
8. Attorney’s fees: You need to determine whether you will be charged for the other party's attorney's fees if you breach the contract and lose the case that will probably arise to enforce it. If you are prone to breaching contracts, avoid this type of clause.
For construction contracts in New Orleans, a firm offers a combined understanding of the construction industry and extensive legal expertise in all areas of construction litigation. To know more, visit http://www.burglass.com
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