Understanding the use of allowances and contingencies in your construction project agreement.
Allowances are used on almost all projects to provide for a hedge against uncertainty at the time of the original quote or bid. The quantity for an item of work might not be specifically known, or a product or material might not be selected. The use of allowances can provide a reasonable estimate of unknown items at the time of the original contract, subject to adjustment based upon requirements of future decisions by the owner. Contingencies provide funds for unknown costs for example at the time the parties agree upon a guaranteed maximum price on a cost plus fee amount. This material will discuss terms that determine the rights of the parties to use contingency amounts and the allocation of unused contingency savings at the time of completion.
Agenda
Faculty
Samuel H. Levine
Bryce Downey & Lenkov LLC
- Attorney in the Construction Law Group of Bryce Downey & Lenkov LLC
- Practice covers a broad spectrum of activities in the areas of construction and real estate litigation including construction disputes, mechanics liens and bond claims, real estate title disputes and bankruptcy matters
- Represents owners, prime contractors, secondary subcontractors and lenders in construction disputes
- Illinois Super Lawyer in the area of Construction Litigation 2006; 2010-present
- Tried and arbitrated construction, foreclosure and real estate related litigation cases
- Written and spoken extensively on a variety of topics relating to construction law, bankruptcy and other real estate related topics
- An arbitrator of mechanics lien cases as part of the Cook County, Illinois mechanics liens pilot arbitration program
- J.D. degree, Chicago-Kent College of Law; B.A. degree, Washington University in St. Louis
- Can be contacted at [email protected]
Justin L. Weisberg
Schuyler, Roche & Crisham, P.C.
- Partner with Schuyler, Roche & Crisham, P.C.
- Practice focuses on construction law and commercial litigation
- Represents private, public, local, and international clients in a variety of construction-related transactions and litigation matters
- Experience has included contract negotiation and drafting of design, design build, IPD, P3 and construction contracts as well as mediation, arbitration and litigation including both bench and jury trials of numerous disputes involving design, construction and insurance coverage matters
- Registered professional engineer in both Illinois and Florida allows him to utilize his previous engineering experience in his law practice to provide ongoing project counseling to clients
- J.D. degree, Chicago Kent College of Law; B.S.E. degree, University of Illinois
- Can be contacted at [email protected]
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