Whether you are the owner of residential or commercial/industrial property, undertaking a construction project on your property requires careful consideration before, during, and after construction. Here are some key points to keep in mind:
Before Construction:
– Plan out the project.
– Thoroughly vet your preferred general contractor.
– Prepare and record a notice of commencement (if applicable in your area).
– Familiarize yourself with different types of construction contracts.
– Determine the project timeline and ensure it is realistic.
– Consider whether to require a performance and payment bond from your general contractor.
– Consider other important contract terms.
During Construction:
– Have someone representing your interests oversee the project’s progress.
– Monitor the general contractor’s work and pace.
– Pay attention to change orders and their potential impact on costs.
– Keep track of the project schedule and notify parties of potential defaults.
– Stay updated on subcontractors and obtain lien waivers for each payment application.
After Construction:
– Review all payments made to the general contractor to check for any potential liens.
– Conduct a search for recorded liens to ensure your property is protected.
– Conduct a final review of the project to verify that all work is completed to your satisfaction.
– Make final payment to general contractor after punch list work is complete.
By following these guidelines, you can navigate your construction project with greater confidence and safeguard your interests as the owner.
