Contracts: Reading the Red-Flag Clauses

READING THE RED-FLAG CLAUSES Read and understand these key clauses or proceed at your own peril by Sam Starobin How often back in school did we race to give the answer before fully reading the problem! We paid the price in grade points. Well, we are older now and foolish things like not reading the problem are likely to cost us money. In this case, the problem is the construction contract and too many contractors accept work under contracts they really don’t fully understand. When a contractual problem arises, they learn the contract the hard and costly way. As a former government contracting officer who has administered hundreds of contracts, I have observed a scenario like the following all too