Contributed By McGuireWoods LLP
Construction contracts in Virginia can incorporate a variety of provisions in order to help manage schedule-related risks. This starts, first and foremost, with a cooperative approach to formulating the initial project schedule, including the design professionals and the construction contractors. A contract can include incentives for early completion, penalties for late completion, and incentives for reaching schedule-related milestones along the way. Contracts must be carefully drafted to limit and define what constitutes a force majeure event, and must define and create a procedure for delay claims.