Matthew Madden Examines Risk Management for Public-Private Construction Projects
Public-private construction projects are becoming an increasingly important part of the construction landscape throughout New England. While these projects can present significant opportunities for contractors, they also carry risks that aren’t always obvious when the job first goes out to bid.
In a recent article for High-Profile, Matthew Madden explains that a contractor may have a private contract, but still be affected by public requirements, agency oversight, special reporting obligations, labor rules, funding conditions, or community commitments. This mix can affect price, schedule, payment, change orders and closeout. Here is an excerpt:
Understand the Project Behind the Contract
Before bidding, contractors should look beyond the immediate contract and understand what is driving the project. Is public funding involved? Is the site publicly owned or publicly controlled? Does a public body have approval rights over design, changes, payment, or completion? Are grant, financing, or reimbursement conditions built into the project documents?
Read the article “Building Across the Public-Private Line in New England” on the High-Profile website.
Categorized: Publications
Tagged In: construction contracts, contractors, public-private construction projects
