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Construction Contract Negotiation: Risk Management Strategies to Safeguard Profits
A single overlooked contract clause cost a mid-sized contractor $180,000 on a hospital project. The issue? No force majeure provision to address weather delays, which pushed the schedule back three months. This triggered liquidated damages that wiped out nearly the entire profit margin. This type of scenario highlights why well-negotiated contracts are essential in the construction industry, they protect your profits when unpredictable events occur, such as material price vol
Dec 86 min read
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