By John Frega, esq.
Every construction project features unique and interesting challenges. But drafting your construction contract documents should not be one of those challenges.
Here are five important matters to consider when drafting and managing your construction contracts:
1. Determine the appropriate payment model.
Owners have multiple options for structuring payments to their contractors, and choosing the appropriate payment model largely depends on the type of project. The most common models include lump sum, unit price, and time and material, not to exceed (T&M NTE).