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Contracts
From: donsplace2000@yahoo.com
Category: Other/Misc
Remote Name: 38.29.209.132
Date: 17 Jun 2001
Time: 06:10 PM
Comments
I'll soon sign construction contracts for a new house. I need to make the
contractors and subs responsible, as to schedules and time of completion. I've
known about penalty clauses and such but don't know how to write one into a
contract. Moreover, I don't know what's a reasonable grace period to allow,
added to the contractors' time estimates, or how much money should be involved.
Is there a formula or standard? In my mind, a smaller penalty should be demanded
for a small delay, and a greater penalty if X number of late days has passed.
Are penalties usually taken from final payments? I've read several books about
hiring contractors, and while they might talk about penalties, none get into the
nitty-gritty.
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