7 Reasons to have a contract in place:

1. Because they are drafted independently

2. There are recognised terms

3. The contract is there to protect BOTH parties and to balance risk

4. A contract provides a professional approach

5. It holds everybody accountable

6. To balance risk. There can be supplementary clauses that can suit your individual project

7. It helps to avoid disputes

What are the different types of contract available?

· Standard form

· Modified standard forms

· Bespoke

Top tip: Where possible select a standard form contract as they are written by professionals to protect BOTH parties.

What are the standard forms of contract?

· JCT – this is the most commonly used contract, there are many different forms

· FIDIC – this is the most commonly used contract for international developments

· NEC – this contract was introduced to simplify the JCT contract

Top tip: It is really important to select the contract that best suits your own individual project, speak to a professional who understands the different contracts available and your own project requirements.

Before you select a contract, select a procurement route, considerations include:

Top tip: Your procurement route will determine the appropriate contract selection type, size and nature of project

1. Risk allocation

2. Programme constraints

3. Quality control

4. Development experience/sophistication

5. Price arrangement

6. Design information

7. Market conditions

Top tip:

· Start with the end in mind

· Engage a qualified professional

· Follow the terms of your contract throughout your project