article thumbnail

Not Just An Old Wives’ Tale: Negotiating “Paid In Full” Check Binds Contractor

Best Practices Construction Law

But I have never really thought about that legal principle because, “People don’t really do that, do they?”. The contractor won a bid to construct a water system in two local counties. In Triangle Construction Co. Fouches and Assoc., The “paid in full” principle is not just an old wives’ tale.

article thumbnail

Innovative LEAN Construction Tools

Job Order Contracting

The OpenJOC(TM) Solution virtually eliminates the slow, costly, error prone, inefficient practices associated with design-bid-build, lowest bidder, and other traditional construction delivery methods. It embodies all of the fundamental aspects of LEAN construction, including: Collaboration. Long-term Relationships. Shared Risk/Reward.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

LEAN Job Order Contracting OpenJOC(TM)

Job Order Contracting

Competitively-bid. Virtually eliminate change orders and legal disputes. Robust Process: Request for Service – Joint Site Visit – Detailed Line Item Cost Proposal – Proposal Review/Negotiations – Execution – Regular Inspections – Checklist – Sign off – Warranty Period.

Contract 100
article thumbnail

Digital Builder Podcast Ep 22: How Specialty Contractors Can Navigate Contracts & Get Paid On Time

Autodesk Construction Cloud

For this reason, construction professionals must find better ways to craft and negotiate agreements. Karalynn also emphasizes the importance of negotiating who takes on certain risks and liabilities. For this reason, contractors need to be careful with the GMP agreement and negotiate terms to protect themselves.

article thumbnail

Selling Your Home Building Company? Here's What to Expect

Pro Builder

Each community and asset in your portfolio requires diligence, legal paperwork, and closing documents. The marketing and bidding phase typically takes 45 to 60 days. You will evaluate the bids, negotiate price and major deal terms, eventually select a “winner,” and then enter into a non-binding letter of intent (LOI).

Deals 52
article thumbnail

Illinois Federal District Court Enforces Partially Executed Agreement to Arbitrate

Constructlaw

Spirtas countered that the TPA was not a valid and legally binding arbitration agreement because SGLC never countersigned it. For example, the parties “met and engaged in many Pre-Bid actions,” including drafting asbestos removal and demolition plans, attending site visits, and preparing the bid.

article thumbnail

Illinois Federal District Court Enforces Partially Executed Agreement to Arbitrate

Constructlaw

Spirtas countered that the TPA was not a valid and legally binding arbitration agreement because SGLC never countersigned it. For example, the parties “met and engaged in many Pre-Bid actions,” including drafting asbestos removal and demolition plans, attending site visits, and preparing the bid.