NPH Brown Bag Training
NPH Conference Room
369 Pine Street, Suite 310
San Francisco, CA 94104
What Lies Beneath: Top 10 Lurking Dangers in Construction Contracts
In the sprint to closing a construction loan for an affordable housing project, the construction contract is frequently overlooked and often misunderstood. While loan documents, partnership agreements, and other documents command attention and negotiation, the construction contract, in contrast, is often treated as a mere afterthought. After all, the AIA-standard forms are mostly boiler-plate stuff that someone must have thought made sense and all we need to think about is the contract sum and the schedule, right? Unfortunately, this conventional wisdom is anything but wise as the standard AIA construction contract is loaded with provisions that could potentially lead to shocking results. This Brown Bag will discuss the 10 most significant provisions, including some hidden risk allocation provisions and other clauses that appear harmless to the untrained eye, but, in fact, fundamentally alter the owner’s expectations.
Speakers: William DiCamillo and Isabel Brown