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Selecting the Right Contract Type for Construction Projects Amid Rising Costs: A Guide for Homeowners During COVID-19
The COVID-19 pandemic has disrupted the construction industry, leading to rising costs and supply chain disruptions. Homeowners must navigate these challenges when selecting a contract type, making it even more important to understand their options.
In this article, we will discuss the common contract types used in construction, the advantages and disadvantages of each in the context of rising costs, factors to consider when choosing a contract type, and tips for negotiating contracts in the current market conditions. By the end of this article, readers will be better equipped to make informed decisions about selecting a contract type for their construction project.
So, let’s dive into the details of the pre-construction stage and the role of contract type in this critical phase.