Balanced Contracts Mean Better Results
John A. Gambill and Dan Edwards, Taft Stettinius & Hollister LLP for Columbus Bar Association
Construction projects can range from small office remodels to mega-projects like the Intel semiconductor complex in New Albany. Whether the project is small or large, public or private, one fundamental principle remains true: fair and balanced contracts that appropriately allocate risk foster better relationships between owners and contractors, which often also results in lower costs and faster completion. The opposite can be true when project participants attempt to make agreements too one-sided.
Public and private construction contracts are usually initiated by the owner and often developed by their legal teams who typically start with industry standard form contracts that are widely accepted as being fair and balanced agreements.