What are the five elements of a contract?
The one key document that contractors must deal with each and every day is the contract. This piece of paper is the essential heart of each project. Because the contract is so important, it amazes me how many contractors overlook or disregard its contents and the impact it can have on the profitability of the project. The word contract comes to us from the Latin work contractus. It means an agreement between two or more parties to complete a specific amount of work for a specific value. Other words that come from it are contractors and contracting. In order to help you, Im offering some basic fundamental information about the key elements of any construction contract. Youll want to make certain that they are properly addressed in your next contract. Key element number one: Payment Payment is absolutely important to the success of the project, but it always amazes me to find it misrepresented or left out completely in some contracts. Check to make sure that the following information reg