The ConsensusDOCS standard contract 290, Guidelines for Obtaining Owner Financial Information, and the related Financial Questionnaire 290.1 provide an easy and direct way for contractors to quickly determine the financial viability of projects. ConsensusDOCS is the only catalog of standard contract documents that provide such helpful project tools, which are crucial in turbulent economic times. The 290 expressly highlights, “[i]n any contractual venture, each Party has a legitimate interest and responsibility in ascertaining whether the other Party is fully capable of performing all of its contractual obligations…The proven ability to pay is just as important as the proven ability to perform.”
Contractors value ConsensusDOCS-based projects because they clearly possess the contractual right to request and obtain financial viability information. The 290 provides a reasonable approach to requesting such sensitive but critical financial information. The 290 is endorsed by national owner groups including COAA, CURT, and NASFA. In addition, ConsensusDOCS 220 and 221 provide useful Contractor prequalification forms that can be used for Prime or Specialty Contractors.
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