Fundamentals of Construction Contracts

Construction contracts often have unique features and clauses that require at least some specialized understanding of the project's nature and the relationships between the various parties. This course will introduce attendees to the nature of various construction projects and the types of contracts that best suit each type of project.

Attendees will learn different types of construction contracts that define the relationship between various parties, the allocation of risk between those parties through the contract, and the mechanisms for dispute resolution. The course will include a discussion of key contract terms such as changes, time/delay, and termination, as well as how events that entail those concepts are dealt with in the contractual realm.

This course is ideal for all practitioners who want to understand how construction contracts work. It is also open to those who have that basic understanding but need a refresher. It is a great aid for real estate attorneys on the deal-making/financing end of the project and needs some level of comprehension for risk allocation.

Learning Objectives:

• Define various types of construction projects
• Analyze the relationship between parties for design-build vs. design-bid-build projects
• Define various pricing mechanisms in construction contracts
• Respond to delays
• Decide when and how to terminate contracts
• Deal with disputes through dispute resolution boards, mediation, litigation, or arbitration