When you are planning a construction project in Colorado, your financial investment is one that you will be watching very closely. When it comes to construction, you don’t want defects, missed deadlines or other problems to waste your money and time. Fortunately, there are ways to protect your interests.
To start with, you should always have a contract that is written in a way that won’t allow the other party to get out of it easily. You want to draft and review this contract before it’s offered. Next, if there are change order plans or problems with the items that come into the home or business, what happens? Do you extend the time to finish the project and face penalties? What happens to those who have held your construction up? This can all be part of your contract.
You should always know how much insurance you have as a construction company. Having enough to cover natural disasters and problems with machinery or equipment is wise. It’s also important to make sure you can prove that you have insurance to the home owner or the other business party, as you want to be protected from claims of any kind that they could make against you.
In many cases, there are clauses in construction contracts that could punish you with fines or penalties for being late in delivering the project up to standard. If you have been stopped from moving forward on the job due to a lien or other planning issues, you should consider seeking legal help to prevent you from facing trouble with the property owner.
If you want to learn about how you can defend yourself during construction projects, please take a look at our commercial real estate webpage. You have rights as a contractor, and you shouldn’t have to worry about delays or other parties’ errors costing you money.