Description
Learn basic contract principles, key concepts, and how these agreements best serve the project participants needs.
Owners and contractors often execute professional service agreements with design professionals that are either standard form agreements or agreements prepared by the owner, general contractor, or their counsel. These agreements may run the gamut from overlycomplex to simplistic or contain a mixture of conflicting business and legal terms. Project participants executing professional services agreements may lack a basic understanding of basic contract principles, key concepts, andor how these agreements best serve the project participants needs. This presentation will help you better understand the importance of these legal documents, how the obligations in a contract are made binding, critical professional service contract provisions (including the context and interplay between key terms like indemnity, insurance, and limitation of liability), how a project participants role in the project may impact contract negotiations, as well as consideration of mitigation strategies to minimize a project participants risks.
Date: 2023-04-24 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to define the definition of a binding contract.
* You will be able to describe the pros and cons of using standard form agreements.
* You will be able to explain key contract provisions every agreement should have and how the perspective of the parties drives negotiation.
* You will be able to recognize the biases contract drafters insert into agreements.