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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 [...]

23 Jul, 2013

Are You Protecting Yourself from Rising Material Costs?

2018-04-23T23:55:17-05:00July 23rd, 2013|Construction Contractor Advisor, Construction Contracts|

The latest Engineering News Record reported that gypsum board prices rose 12.5% in 2012 and could increase 15.11% in 2013. That’s a huge increase in material costs. Are you doing anything to protect yourself? Do you have an escalation clause in your contracts? What happens if you don’t have an escalation clause? If you don’t have an escalation clause, you are either at the mercy of the contractor to allow [...]

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