If you are a construction industry professional, you are aware of project delays. Whether the delay stems from inclement weather, a worksite accident or injury, a major blunder by a contractor or subcontractor, a labor shortage or equipment needs, poor planning or design alterations, or some fault of the owner, delays happen for a variety of reasons and can result in projects stretching far beyond the projected finish line. In many cases, these delays could affect the contractor’s total compensation for the project.
In this three-section article, we will first cover how project delays can negatively impact both the contractor and the owner. In the second section, we will discuss how contractors can prevent themselves from entering a bad contract with regard to delays. In the final section, we will discuss some more in-depth points to focus on when agreeing to a contract with an owner. If you are a contractor or construction industry professional that has any questions regarding project delays and payment, please speak with a Lakeland construction lawyer today.
Delays Cause Damages
With delays come damages. For owners, depending on the project, they may miss out on a variety of financial possibilities if a project is delayed. Owners may also have mounting interest on the loans they secured to jumpstart the project as well. Similarly, contractors could suffer a lot of financial setbacks as well. Overhead costs for labor wages, materials, and equipment rentals are just a few potential losses. Contractors may also be missing out on landing other contracts as well. Delays not only impact projects from a financial standpoint, they can also impact the lives of several hard-working, construction industry professionals as well.
Contact a Construction Attorney
If you are a contractor and experiencing project delays, it’s important to have the right Lakeland construction lawyers on your side to ensure you will be appropriately compensated for your services. As a Lakeland construction attorney that is dedicated to construction industry professionals, our law firm is here to offer you any legal counsel you may need regarding delays and the payment you deserve.
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.