Members Only Workshop Overview: Construction Contracts 101: Key Contract Provisions Owners and Developers Need to Understand

NAIOP Southern Nevada held a Members Only Education Event in March, 2024 with panelists Stephen Davis, Associate at Holland & Hart; and Lars Evensen, Partner at Holland & Hart. The program was titled “Construction Contracts 101: Key Contract Provisions Owners and Developers Need to Understand”.

Construction Contracts have many provisions that impact Commercial Real Estate professionals, and our panelists focused on the items most likely to impact Owners and Developers. The first section they addressed dealt with the differences in contracting structure such as Design Build and Construction Manager at Risk as well as how Indemnity and Insurance work together. They talked through the Nevada Statutes on Private Prompt Payment is required to be implemented as well as the way project changes could lead to Suspension or Force Majeure and how that differs from the other Nevada enforceable requirements including damages or no damages for delay, waiver of consequential damages, liquidated damages, limitation of liability and withholding and retention.

Holland & Hart then addressed the process dispute resolution, notices, termination, changes and scope of work issues, order of precedence, and substation completion. It was a detailed dive into the legal world of contracts, and all in attendance came away with a renewed knowledge of the importance of not just using reputable contracts, but understanding how the language within a contract can impact all the parties involved in the development of commercial real estate.

Construction Contracts may not be the focus of your work in CRE, but all in attendance benefited from the focused and specific look at the changes and requirements most likely to impact how business gets done in Southern Nevada.  Our panelists provider industry informed updates on how the commercial real estate industry is impacted by both state and federal contractual requirements and statutes. Members can come to our next Education program on May 31, 2024. Look for more information soon!

Education Committee Chair
Jennifer Turchin
CODA Group
O 702.795.2285 | jennifer@codagroupinc.com