ConsensusDocs Coalition has just published the new standard master subcontract between the designer and subcontractor and the standard project employment contract. The master`s contract (ConsensusDocs 755) contains the terms and conditions between a designer (general contractor, designer, site manager) and a subcontractor. The 755 deals with conditions such as compensation, termination requirement and dispute resolution. The project work order (ConsensusDocs 756) provides project-specific information that addresses project-specific conditions, such as contract prices, obligation requirements and subcontractors` work volume. Together, the 755 and 756 are a complete subcontract for each volume of subcontracting. Brian Perlberg, Executive Director of ConsensusDocs, will host Joe McAllister of Hughes Construction and Kevin Peartree of Ernstrom and Dreste on August 1 at 2:00 PM ET for a free webinar. The webinar will show how and when new contract documents will be used, as well as best subcontracting practices addressing renification, project financial information, link release and much more. Click here to register, which includes a free registration, even if you can`t participate live. These contract documents allow for more efficient contract negotiations, as a general contractor and subcontractor often enter into contracts on several projects. The parties negotiate once and for all the terms of their employment relationship, and then issue individual project work contracts on several occasions. Dener`s new subcontractor approach will allow parties to spend less time and reduce the transaction costs of auditing by legal advisors for each subcontractor, as legal conditions are set.
By: Brian Perlberg, Executive Director, ConsensusDocs These new documents are available to all Full Package and Subcontracting Package subscribers. The risk allocation conditions in the 755 and 756 are in line with the standard subcontracting agreement of ConsensusDocs 750.