By Guest Blogger Mikhail Tuknov
For anyone who is looking to finance a construction project, one of the biggest challenges is finding a suitable company to work with. After all, the capability of the construction company is essential to the success of the project and the quality of the finished structure. However, finding a suitable company is a lot easier said than done. In addition to technical know-how and experience, you will also want to deal with a company run by people who you can work closely with and trust to do a good job.
Qualities to look for in a construction company
The first important qualification that you should look for is extensive experience in the industry, particularly with projects closely related to the structure you are planning to finance. If you are planning on putting up a building for example, it might not be a good idea to work with a company that is mostly experienced in building homes. Some companies may be capable of both (or more) types of projects of course, but in general, it would be best to go with a company that focuses primarily on the type of structure that you are building.
As with virtually every other aspect of the industry, referrals are still the safest and most effective methods for finding a suitable construction company. If you know someone that has just had a house or building done, you could ask the about the company that did the work for them. Even if it’s someone you don’t know, go ahead and ask anyway. Most people will be happy to give recommendations even to strangers, especially if they are happy about the job done for them.
If you don’t know anyone who has recently had construction done or if there are no recently completed projects in your community, you can simply ask construction companies to provide you with examples of their work. Most companies will be glad to provide with examples especially if they are confident with their work.
In fact, it would probably be best to stay away from companies that cannot provide you with a list of completed projects. Such companies may not be confident in the quality of their work, or they may simply do not have a substantial track record in the business. Either way, these are probably not companies that you would want to deal with.
Aside from the technical qualifications, you will also want a company that you can work with comfortably. Set a meeting with the companies that you are considering and try to get a feel for how they conduct business. What you have to look for is a company that will be honest and forthcoming with you, and work closely with you toward the successful completion of the project. If the company you are considering does not seem to be eager to work with you, does not encourage communication, or has questionable business practices, it might be best to keep looking.
Working with the construction contract
The contract is an essential part of any construction project. This document will help ensure the protection of both parties in the event of a dispute. Even if the company is one that you have worked with in the past, or is owned by a friend or family member, it is still important to have a contract that contains all of the details of the work to be done.
All contracts can be difficult for the layperson–that is, someone who is not a lawyer–to understand. Formal language is often used in contracts in order to avoid any confusion or misunderstanding arising from vague or ambiguous terms. In most cases however, construction contracts are written in way that will easily be understood by end clients. If you do have some difficulty understanding any part of the contract, you should consult with someone who can explain all the details to you thoroughly.
Some of the more important sections in the construction contract are those that deal with the type of work to be done, the materials that will be required, the personnel or manpower involved, the completion date, and the price. These are all essential aspects of the construction job, so you should make sure that you understand all the details completely.
Don’t hesitate to dispute any part of the contract if you are not thoroughly satisfied with it. Remember that the contract isn’t final until both parties sign it. Although you should ideally have discussed the details of the project before drawing up the contract, don’t be pressured to sign just because “it is already on paper”. The time to dispute the contract is before it is signed, not after,and doing so will reduce the chances of any later misunderstanding that would be costly and bothersome to rectify.
Thank you Mikhail.
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