Every day, the construction attorneys at Cohen Seglias are approached by clients as to how to address the current crisis due to the significant fluctuation in pricing in construction materials, equipment, and energy. Whether the product in question is steel, copper, glass or lumber, we have seen prices rise since the re-opening of the economy with some commodities hitting a 100% price increase according to some indices. Who is responsible for the burden of the price increases? Unfortunately, like with COVID-19, owners, construction managers, contractors, and subcontractors are all arriving at different answers.
The Construction Contracts & Risk Management Group at Cohen Seglias has prepared sample notice letters for use on jobs where construction has or is about to resume under pre-existing contracts. We are also providing you with language to add to your change orders and monthly releases. Also, we have included sample language to place in your contracts and proposals to help protect you in the event of a future price escalation. These are extremely difficult clauses to negotiate.
Understand that these forms may need to be revised to fit your particular circumstances. The attorneys of Cohen Seglias stand ready to provide you with assistance, when needed.
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