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Mitigating the Risk of Material Price Escalation for Contractors
Current economic conditions, pandemic, and recent changes to trade policy governing the importation of goods crucial to construction activities—aluminum, steel, fuel, etc.—have had a significant impact on the cost of these and other goods in recent years. As a result, owners and developers must be prepared with strategies to mitigate the risk of material price escalation in order to preserve the feasibility and profitability of their projects. There are a series of risk-mitigation strategies available at different stages of a project. The most effective risk-mitigation strategy, however, is the inclusion of a thoughtfully drafted material price escalation clause in the contract itself.
• Defining Material Price Escalation
• How to Mitigate the Rise of Material Price Escalation
Time of Bid
• Material Escalation Clauses
Convincing a Reluctant Owner
Ronald D. Ciotti, Esq., Hinckley Allen
Ron’s practice is focused on all aspects of the construction industry. He has substantial experience representing general contractors, construction managers, subcontractors, and owners/developers in construction-related matters, including all aspects of construction law, contractual disputes, lien work, bond claims, construction and design defect claims, bid disputes, litigation, and dispute resolution.
Ron is a nationally recognized speaker and has presented on a myriad of construction related topics, on behalf of over 50 different organizations, including, the Associated General Contractors of America, Construction Super Conference, Construction Management Association of America, Associated Builders and Contractors, Consensus Docs, National Business Institute, Lorman Educational Services, Build Boston, Associated General Contractor chapters in Nevada, Massachusetts, Virginia, New Hampshire, and Maine.