It crucial for design firms to examine potential clients’ financials before signing a contract. New projects are never cut and dry there are many unexpected circumstances that could lead to unexpected costs or loss of funds.
This whitepaper discusses the following about the risks involve in partnering with a For-profit company:
- Suspended
- Stop and starting services on a project can almost guarantee added expenses.
- Loss of continuity for suspended projects over 30 days.
- Items to review in your contract to protect yourself from potential suspensions.
- Terminated:
- Long-term financial concerns could cause termination.
- Termination can also cause a sizable cost.
- Substantial liabilities and lost reputation can occur.
- What to consider in your contract to ensure protection.
- Restarting:
- Review project at time of suspension
- Read the contract and project files thoroughly.
- Readjust the contract accordingly.
- Examine overall fee structure.
Find Out More:
Download our “Architects and Engineers - Managing Suspended, Terminated and Restarted Projects " white paper to learn more.
