18
Oct
How construction contracts are changing amid supply chain issues and surging costs
“On time and on budget.” That age-old axiom is the benchmark for whether a construction project is considered a success. In 2021, both of those measures are being put to the test like never before because of supply chain bottlenecks and surging materials prices.
The impact? Developers, general contractors and subcontractors all have to rethink how they structure construction contracts to protect against this remarkable volatility. Commonly used fixed-price contracts that say, “This building…
Source: Arizona Business Journal
