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How can you avoid unexpected costs during construction?

On Behalf of | Jan 16, 2019 | Construction |

When you hire someone to do work on your business’ new site, you want to make sure it’s up to the standard you need and within your budget. The last thing you want to learn is that the budget you set won’t be enough for your project. This is especially difficult when the construction already began.

When you’re budgeting for construction work, it’s important to do a few things. First, you’ll want to make sure you have a firm budget and timeline. You need to calculate for delayed work or modifications you have in mind. You also need to set some funds aside for hidden costs.

If it’s possible, you should ask the construction team for a high estimate, or you can provide them with your budget and make it firm. In your contract, you should be straightforward with how you want to handle unexpected costs or delays. If the fault lies with the contractor, you need to have it set up so that you can have the project completed at no more cost to yourself when possible.

Your attorney should go over any contract you make with another business before you sign it. You should have terms in the agreement that allow you to hire another party if the job isn’t done on time or to withhold a portion of funds until the completion of the project. There are many things to think of before agreeing to any contract, so make sure you take the time to review them before you continue with the team you’ve chosen to work with.