Fixed Price Construction Contracts: Contractor's Drafting Checklist
This Checklist identifies key drafting considerations for contractors to mitigate contract disputes and obtain payment in full for work performed under fixed price construction contracts. It provides guidance on defining the scope of work, addressing payment risks, and clarifying payment terms. The Checklist also covers the contractor's rights to stop work for nonpayment, mechanics' lien rights, and retainage. Additionally, it addresses terms related to differing site conditions, project delays, indemnification, insurance requirements, changes in the work, notice and dispute resolution procedures, and termination rights. This Checklist will guide contractors in drafting, reviewing, and negotiating fixed price construction contracts and can also assist contractors regarding cost-plus and guaranteed maximum price (GMP) construction agreements.
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