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One of the most important things for contractors to consider before signing a contract is whether
the agreement properly allocates project risks.
While it cant be known in advance which contract provision will be most critical in the event of a
dispute, certain known risks should be addressed prior to signing. Several provisions that address
risk allocation are called contract killer clauses. ConsensusDocs, the only standard contracts
written by a coalition of more than 40 leading design and construction industry associations,
illustrates best practices regarding these contract provisions.
contractor. If a contract provision has the contractor obligated to study and compare contract
documents to uncover errors, or to verify site conditions or report on site conditions, the contractor
is undertaking a risk that is likely not desirable and possibly not insurable.
The ConsensusDocs 290 Guidelines for Obtaining Owner Financial Information and 290.1
Financial Questionnaire provide an easy and direct way for contractors to quickly determine the
financial viability of projects. Contractors value ConsensusDocs-based projects because they
clearly possess the contractual right to request and obtain financial viability information throughout
the life of the project.