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.
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Allowances
- Types of Allowances
- Use of Allowances
- Contractual Provisions Relating to Allowances
- Changes Relating to Allowances
- Payment for Allowances
- Potential Disputes Concerning Allowances
Contingencies
- Types of Contingencies
- The Use of Contingencies
- Contractual Provisions Relating to Contingencies
- Changes Relating to Contingencies
- Payment Relating to Contingencies
- Potential Disputes Concerning Contingencies
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 26, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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]
Add to Wishlist
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
