Gerard J. Onorata | ConsensusDocs Introduction Most, if not all, construction contracts contain a provision for “retainage.” The origin and concept of retainage dates back to the railroad boom that embraced Great Britain in the 1840s. In its simplest terms, retainage is a mechanism by which an owner or general contractor withholds disbursement of funds… Continue reading Retainage: What Contractors Need to Know and Helpful Strategies
Tag: Construction Contract
Practical Tips for Negotiating an Effective Contractual Limitation of Liability
Jason Ebe | Snell & Wilmer In this author’s experience, the most effective contract terms are those that mirror the parties’ business expectations and negotiations and allocate risk in a fair and balanced manner. Some advocates treat contract negotiations as they do litigation, always seeking to gain an advantage over their opponent. However, lopsided risk… Continue reading Practical Tips for Negotiating an Effective Contractual Limitation of Liability
Incorporating Excusable Delays Into Firm Fixed-Price Subcontracts May Create Liability
Richard Dean Holzheimer and Kang He | McGuireWoods In L3Harris Maritime Services, Inc f/k/a L-3 Unidyne, Inc. v. BAE Systems, Norfolk Ship Repair Inc., U.S. Magistrate Judge Robert Krask from the Norfolk Division of the Eastern District of Virginia recently held that, even in a firm fixed-price contract, requiring a subcontractor to maintain its contractually agreed-upon… Continue reading Incorporating Excusable Delays Into Firm Fixed-Price Subcontracts May Create Liability
How to Prevent Frequent Contract Errors in Large Construction Projects
Judge Chad Allred | JAMS Fantastic news! The deal has come together—for construction of the steel bridge or for placement of the exterior panels on the downtown high-rise or for the dirt work at the site of the new energy plant. All the hard work, planning, bidding and negotiation have reached a culmination! Well, not… Continue reading How to Prevent Frequent Contract Errors in Large Construction Projects
Oregon Construction Owners and Lenders Are Affected by New Retainage Law
D. Gary Christensen and Jonathon Goodling | Miller Nash If you develop or build on real property in Oregon, your progress payments to contractors on future projects will be affected by a new law, effective on March 7, 2024. If you are a construction lender, your borrower may request that your periodic loan advances to… Continue reading Oregon Construction Owners and Lenders Are Affected by New Retainage Law