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28 Jul, 2021

Material Costs Continue to Rise—What’s a Contractor to do?

2021-07-24T09:08:33-05:00July 28th, 2021|Construction Contractor Advisor, Construction Contracts, Escalation Clause|

While COVID has made the past year wild and unpredictable, this summer could be even wilder with rapidly escalating material costs.  Lumber prices have tripled, steel prices are through the roof and PVC has doubled. These increases can turn into real numbers on your projects and if you don’t have any protections in place, the project could turn ugly in a hurry.  Now is the time to review your current [...]

28 Apr, 2021

Material Cost Increases—Are you ready?

2021-04-25T12:09:44-05:00April 28th, 2021|Construction Contractor Advisor, Construction Contracts, Escalation Clause|

Construction contractors are seeing material costs increase, particularly lumber, steel and fuel. As you review your contracts for 2021 and beyond, you may want to consider adding a price-escalation clause the protect against material cost increases. What is a price-escalation clause? In its simplest terms, a price-escalation clause allows contractors to recover material cost increases on a project.  While triggering events for escalation clauses vary, the two most popular types [...]

7 May, 2019

Construction Material Costs are Rising–Are You Protected?

2019-05-06T10:19:26-05:00May 7th, 2019|Construction Contractor Advisor, Construction Contracts, Escalation Clause|

Construction material costs are rising, at least that’s what AGC, ABC, ACEC, ENR and the government are saying.  So, let’s assume that its true—construction material costs are rising.  What can you, as a general contractor or subcontractor do about it? Not surprisingly, it all comes down to your contract and whether you included a cost escalation clause. What is a Cost Escalation Clause? These clauses are pretty self-explanatory in [...]

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