your construction project contracts - why you need to understand them

Many construction companies lose money because their Project Managers or Construction Managers have failed to understand the contract or have not acted in accordance with the contract. These failures include amongst others:
1. not submitting valuations on time or with the correct supporting documentation
2. not ensuring the contractor is paid on time
3. carrying out work outside the project scope
4. not ensuring the client meets their contractual obligations
5. failing to submit claims and variations timeously
6. not following the correct insurance claim procedures
7. failing to meet the project milestones
It’s therefore important the Project Manager carefully reads the contract, noting important items and asking for advice when they are unsure of anything.
(This is an extract from 'Building a Successful Construction Company - The Practical Guide' by Paul Netscher)