Standard Forms of Contract are pre drafted agreements that establish fair, balanced terms to manage risk, define responsibilities and speed up the procurement process.
There are different organisations that publish standard forms, such as the Joint Contracts Tribunal (JCT) and the Royal Institute of British Architect’s.
Why should building companies rely on them?
These agreements can be useful as they have a track record of being used between parties and tested by case law.
Additionally, they are tailored to the specific legislation of the area where they are drafted. These contracts offer a well-defined timeline which makes it easier for clients to monitor progress and hold non-compliant parties accountable.
Standard Form Contracts main aim is to minimise cost and reduce the time and cost of negotiating contracts.
In order to make contracts fitting for all parties Standard Form Contracts can be tailored to meet the clients’ specific needs.
What should you do once a Standard Form Contract is in place?
In this situation it is important to maintain the original and edited version to ensure understanding between both parties.
Varying forms of complexity exist within these contracts, it can be tailored to whatever size, scale or budget the client needs.
Some contractors or architects may include a Standard Form of Contract as a part of their services, or they can be purchased online the cost ranges from £28 upwards.
Standard Form Contracts protect clients from various breaches, this includes long term delays, unauthorised work stoppages and poor workmanship.
If you have any questions about a Standard Form Contract, get in contact with us today.