Valuable Contractor Tools for Turbulent (and Non-turbulent) Financial Times
The ConsensusDOCS 290 Guidelines for Obtaining Owner Financial Information and the related 290.1 Financial Questionnaire provide an easy and direct way for constructors to quickly determine the financial viability of projects. ConsensusDOCS is the only library of standard contracts that provide such helpful project tools, which are crucial in turbulent (and non-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.”
Constructors 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, WCOE, AFE, NAWIC and NASFA. In addition, the ConsensusDOCS 220 and 221 provide useful Contractor prequalification forms that can be used for Prime or Specialty Contractors.
The ConsensusDOCS 290 and 290.1 are two more examples of top design and construction industry professionals collaborating to create documents and procedures that are fair, reasonable and benefit the project’s best interests.
ConsensusDOCS are the only standard contracts written by a coalition of 34 leading construction industry organizations, including AGC. AGC members receive a 20 percent discount on all ConsensusDOCS’ products. Simply use Partner Code “AGC” and Promotion Code “100” when prompted during the checkout process at www.ConsensusDOCS.org.
For more information, please contact Maggie Jaus at jausm@agc.org or (703) 837-5408.
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