On March 8, Jason Copley and John Greenhall presented a webinar for the Construction Financial Management Association New Jersey Chapter on AIA and ConsensusDoc Contracts.
This webinar discussed the two primary construction contract forms, AIA contract documents and ConsensusDocs, and how the recent 2017 changes to both will impact construction projects. The presenters discussed the AIA's creation of the new insurance and bond exhibit, including limitations on exclusions in a contractor's Commercial General Liability coverage. Other new AIA changes covered in the presentation included how project owners must provide proof of their financial arrangements – a lesson learned from funding issues during the recession. AIA changes regarding electronic notices, BIM/digital data, means and methods, warranty, and owner and contractor communication were also highlighted, with tips on how you can best protect your company's interests. Regarding ConsensusDocs, attendees learned about the new insurance updates, as well as the revised language concerning termination for convenience, indemnification, bonds and penal sum, and dispute resolution.
Review the 2017 AIA document changes and what these updates will mean for contractors in 2018.
Explain how Consensus Docs compare to AIA and other standard forms.