Another milestone has been reached! We signed the construction contract with YS Development.
The contract specifies the responsibilities of both sides, the fixed price of construction, the start date and timeline, and the penalties that apply if either side fails to meet their obligations. YS Development has a base contract for their projects. Our final contract integrated terms from the standard AIA contract and others terms suggested by What Your Contractor Can’t Tell You into that base.
We waited this long to finalize the contract because we needed a cost. Yuval worked hard to get quotes from vendors that were as close to accurate as possible; a fixed price contract needs to be based on reliable data. The final number was close to the target we had aimed for. We included a bit extra for small changes and contingencies for some small items that need to be finalized. With the quotes in, the price of construction could be locked, and the contract signed.
This was one of the easier pieces of business we’ve dealt with, and now that it is settled construction can start in earnest (well, once we finalize financing).