The ConsensusDocs’ 205 Owner and Constructor Agreement (Short Form Lump Sum) is the most popular prime construction contract agreement because it’s short and convenient. This standard construction contract between the Owner of the construction project and the Constructor conveniently integrates the general terms and conditions and the construction agreement terms into one sufficient document.
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Building Better Construction Contracts
The purpose of construction contracts is to memorialize a business relationship, not play a zero sum game. If the prevailing mindset is “what’s good for me is bad for you,” then the project is doomed to fail.
Instead, the best projects are the ones where teams form strong relationships. After all, the construction contract is the first collaborative act on a project. When all parties negotiating a contract treat each other as partners whenever possible, it pays off throughout the project.
The bottom line is: better contracts make for better project results.
Construction Contracts: Choosing a Solid Foundation
In construction, choosing the proper foundation is essential. But before breaking ground or pouring the concrete, the first step of any project should be constructing a comprehensive and concise contract.
With ConsensusDocs, construction contracts are guaranteed to be:
- Written by industry experts representing owners, general and specialty contractors, design professionals, attorneys, sureties, and a broad range of stakeholders.
- Regularly updated to address the construction industry as it stands today to keep pace with the latest changes in best practices and legal updates.
- Designed to fairly allocate risk, helping to reduce costly claims and contingencies and lessen adversarial negotiations.
All of that means you are assured your projects have the best contractual foundation possible.
ConsensusDoc 205: You Need It, It’s In There
ConsensusDocs’ 205 Owner and Constructor Agreement (Short Form Lump Sum) is the most popular prime construction contract agreement because it’s short and convenient. This standard construction contract between the Owner of the construction project and the Constructor (builder, general contractor, design-bid-builder, construction manager) conveniently integrates the general terms and conditions and the construction agreement terms into one sufficient document.
Even though it’s short (topping out at 15 pages), this construction contract document can be used for smaller or bigger design-bid-build projects. It covers the essential terms and conditions needed in prime construction contracts, and with a fixed, lump sum contract, you get what you pay for at a single price.
The ConsensusDocs 205 Owner and Constructor Agreement also addresses critical construction law contract issues, including but not limited to:
- Parties relationship and responsibilities to each other
- Scope of work and execution obligations
- Design delegation
- Worksite conditions
- Contract price
- Permits and taxes
- Schedule changes
- Payment schedule
- Insurance and bond
- Dispute resolution and mitigation
- Construction defects
When it comes to contracts, the point is never to push all the risk to the other party. With ConsensusDoc’s construction contracts, the goal is to protect the project and project results. To do that, wide collaboration and communication is needed every step of the way, starting with a solid contractual foundation and ending with considerable time and money saved.
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