Hartford, Connecticut Construction Risk Management Attorneys
Risk management should be a fundamental focus for any business, but especially for construction companies. Risk management is essentially the limitation of your business's potential liability through a combination of insightful legal advice and appropriate insurance.
Construction companies by their nature are subject to risk. At the same time, the vast majority of contractors, subcontractors, suppliers and professional construction participants are businesses that have been built from the ground up.
Your hard work has built your company into a going concern. Now is the time to protect your investment by ensuring you get the right advice on contract terms that allocate risk for your benefit, liability insurance, workers' comp insurance, and other insurance law issues that can protect your business from unexpected losses.
At Gordon, Muir & Foley, our construction lawyers assist in the negotiation, review and drafting of contracts and offer a number of other risk management techniques for construction and construction-industry companies. Contact us today for a consultation.
Protective Terms and Conditions in Construction Contracts
A thorough risk management review of your contracts would involve examining your standard or project-specific contracts and considering, for example, whether you need:
- Effective payment provisions: Does your contract include an "if paid" clause that covers contracts with contractors or subcontractors? If the other party isn't paid, do you get paid? Or are you required to bear that loss?
- Material cost adjustment clauses: What happens if the cost of certain materials increases before the completion of a project? Who is responsible for paying the difference?
Ensuring Your Contracts Are Truly Enforceable
In addition to the basic subject matter and payment terms, we will go over what enforcement remedies you would want available in case the contract is breached. Do you need the ability to insist upon specific performance? What should occur in the case of construction defects, deviation from blueprints or specifications, architectural design flaws, engineering errors, or defective materials?
Our attorneys will review your standard contract or prepare a customized contract for a specific project and determine what makes the most sense in terms of protecting your interests. We will help you decide whether an arbitration or mediation clause is in your best interest, or whether you should reserve the right to litigate.
To schedule an appointment and risk management consultation with a lawyer from Gordon Muir & Foley, contact us today.
CONSTRUCTION LAW AND COMMERCIAL LITIGATION PRACTICE GROUP
Laurann Asklof
Mary Anne A. Charron
Christine L. Chipman
Katherine L. Matthews
Robert J. O'Brien
John J. Reid
R. Bradley Wolfe
