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How to Save Money on Construction Projects Part 1

With stiff competition, success in the construction industry comes down to focusing on the minute details. The difference between a thriving construction business and an unsuccessful one can often be just a few important budgetary decisions. At Cotney Construction Law, our Knoxville contractor lawyers are devoted to the construction industry. This includes providing our clients with an array of legal services that help you save money on construction projects.

In this six-part article series, in the first and second sections, we will discuss some cost-cutting techniques before breaking ground. In the third, fourth, and fifth sections, we will educate you on some ways you can keep that budget in line during construction. In the sixth section, we will conclude our series. Remember, if you are need of legal counsel, speak with a Knoxville contractor lawyer today.

Saving Money Begins with Bidding

Even before you procure a contract, you can save your business money. For example, the bid process is one critical area in which a business can either thrive or struggle. Whether it’s a federal, state, or local government contract that utilizes the sealed bidding process or a negotiable contract with an owner, there is an art form to procuring a contract.

Ideally, you should target contracts that align with the strengths and past experience of your business. With knowledge of the construction process and an intimate understanding of the bid process, an experienced construction attorney can greatly increase your chances of winning contracts and can also ensure you have the appropriate funds allocated to successfully complete the project. This also can ensure you are not taking on too much financial risk on a project while netting a nice profit margin.

Safeguarding Your Contract

Of course, whether you win a bid or agree to terms on a contract with an owner, you must put pen to paper before you can begin the work. An experienced attorney can draft, review, and revise any legal contracts for a project. This includes everything from the original agreement with the owner to employment agreements with subcontractors to a wide variety of other essential documents.

Your attorney can also ensure that certain payment clauses are included in your agreement. This can help make certain you are compensated during a dispute or have a legal avenue to take if another contracting entity violates the contract. With due diligence during the contractual stage of a project, a construction business can get off on the right foot and be financially protected during a project.

If you would like to speak with a Knoxville contractor lawyer, please contact us today.

Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.