Suggested Wording to Use When Revising and Redlining Design Professional Contracts for Risk Allocation and Insurability of Risks
Both parties (owner and contractor) and other project stakeholders come out ahead when the construction contract is fair. The contractor, subcontractors, and suppliers all like fair provisions because it improves their bottom line. The owner benefits from fair provisions because it promotes an appropriate climate for business that will ultimately result in lower pricing bid or proposed to the owner. The design professional prefers fair provisions because they contribute to a less-contentious project with fewer claims and a happier client.
The wording for clauses found in Kent Holland’s write up are what his firm and their team use as templates for suggested revisions when redlining a design professional contract to allocate the risk more equally and make the contract more insurable from a design professionals standpoint:
To read more about this subject, please visit Kent Holland’s website ConstructionRisk.com or click HERE