WASHINGTON, D.C. – February 25, 2015 – (RealEstateRama) — The ConsensusDocs 850 Agreement Between Owner and Trade Contractor is the latest release in the 100+ document library of standard contracts written by a coalition of 40+ industry associations. The standard contract document was updated to reflect today’s construction needs. The agreement allows an owner to contract with a builder when construction management (CM) agency is used (and not a single general contractor). This agreement can be used for multi prime, CM, Agency, or Owner acting as its own CM. This contractual arrangement is appropriate when construction management services are provided externally by a CM or by the owner itself.
“Projects using multiple prime contractors, sophisticated Owners acting as their own CM, and Owners who elect to use agency CM will all greatly benefit from this updated standard construction contract – the first industry contract document to explicitly address all of these project approaches,” states Phil Beck, Chair of the ConsensusDocs Content Advisory Council and Partner at Smith, Currie & Hancock LLP.
One significant change provides quicker payment to early-finishing specialty trade contractors when the trade contract work is complete, rather than the project’s overall completion.
ConsensusDocs standard contracts are written and endorsed by 40+ organizations representing designers, owners, contractors, subcontractors, and sureties to be fair to all parties and provide better project results. Users receive a comprehensive catalog of 100+ contracts via a technology platform with easy editing in Microsoft Word® via the cloud or desktop.
Simply put… ConsensusDocs help you build a better way!
For more information, visit ConsensusDocs.org.
Contact: Carrie Ciliberto