What is it about standard contracts that are causing all of the fuss? Today’s video is STOP using these Construction Contracts. You can click to watch it here or continue with this quick read.
So what’s a standard contract?
Across the globe you have:
- AIA (American Institute of Architects)
- EJCDC (Engineers Joint Contract Documents Committee)
- FIDIC (International Federation of Consulting Engineers)
- JCT
- Standards Australia
- Master Builders Australia
- And a whole lot more…
All of these organisations/institutions have a standard contract.
What do these standard contracts have in common?
- They’re all put together by a specific body.
- How they’re put together favours that particular body.
- Generally, standard contracts are very fair.
So what’s the problem?
When it comes to talking to our clients we’ve found that a lot of them have been presented with standard contracts that aren’t actually standard.
They’ve been amended.
WARNING RED FLAG ALERT.
This year alone we’ve done over 3000 contract reviews and we’ve yet to come across a standard contract that is actually STANDARD.
There’s usually fine print on about page one or two that says something like:
NOTE: This contract has been amended and includes indirect costs or consequential damages.
People amend standard contracts to make them more palatable.
Don’t be fooled by this.
YOU NEED TO ASSUME EVERY CONTRACT HAS BEEN AMENDED!
You want to sign the least risky contract you can.
We want you to be the MOST SUCCESSFUL you can possibly be. That’s why we put together content with tips and advice that is tried and tested.
For more contractual advice, Quantum Contract Solutions is here to guide and assist you through everything contract related. Let’s reduce risk in your contracts and save time and money, just click this link to get our FREE case study to show you how clients just like you are doing it.
