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Lafayette, LA 70508

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Getting contracts for builders in writing

 

Many companies throughout Louisiana deal with the details of contracts on a daily basis. After all, the relationships between businesses can be the crucial foundations of any single company – businesses need supplies, delivery of their products and marketing. However, contracts for builders can be uniquely challenging. When a company hires another company to build a structure, there will usually be deadlines in mind that can impact when and how a company continues business operations. That is why it is so important to get these contracts in writing and make sure that they cover all of the necessary details.

Most of our readers have heard the common refrain “get it in writing.” But, why is this so important? Well, in a sense, it “locks” the parties in to the actual agreement that was negotiated. A well-drafted contract will spell out exactly who is doing what, when it will be done by and who will receive what compensation in what amount. Of course, many contracts will have terms that far exceed the basic framework of most contracts, and contracts for builders are usually just such an example.

Contracts for builders can attempt to anticipate potential construction delays or other issues that may set back the completion date for the project. Or, these contracts can include provisions for penalties that may occur for unexpected delays. Louisiana companies that are beginning the process of entering into a contract with a builder will want to make sure that they have a full review of the goals and risks in such a transaction.

Having a well-drafted contract in place is crucial, but that doesn’t mean that potential contract disputes will be completely avoided. Companies in Louisiana that find themselves facing a contract dispute will want to make sure that their interests are protected.

Source: FindLaw, “Contracts FAQ,” Accessed Dec. 10, 2016

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