Many contracts are impenetrable with their fine print, multiple pages and complicated language. What is a subcontractor to do? At the very least, smaller construction firms should focus on those areas where a mistake could be costly and exposure is likely.
Guaranty Agreements: Fueling Today’s Financial Transactions
Most business dealings have traditionally been supported by guaranty agreements; however, recent economic challenges are regularly testing the validity and enforceability of such promises. With defaults running rampant on all fronts, severely impacting global financial markets, it is clear that a better understanding of these instruments is in order.
Acceptance by Performance: Contract Litigation
It is not uncommon in the construction industry for parties to exchange and revise drafts of written contracts before agreeing on a final version. In some instances, the demands of … Read More
Beware Promises Not Kept: Contractor Law
A recent case should give pause to those who believe that legal disputes between parties will always be decided by the written terms of their agreement.
Contract Disclaimers Count
In 1981, and again in 1992, an engineer and municipality entered into General Consulting Agreements. The 1992 Agreement called for the engineer to, among other things, provide “statements of probable cost” to the municipality for a road improvement project.