The following is a recording of a free webinar ABC NH/VT offered on April 1, 2020 related to COVID-19 and the impact on material price escalations and business.
Thank you to the presenter, Ronald Ciotti, ESQ., Partner, Hinckley Allen.
Synopsis: Current economic conditions, pandemic, and recent changes to trade policy governing the importation of goods crucial to construction activities—aluminum, steel, fuel, etc.—have had a significant impact on the cost of these and other goods in recent years. As a result, owners and developers must be prepared with strategies to mitigate the risk of material price escalation in order to preserve the feasibility and profitability of their projects. There are a series of risk-mitigation strategies available at different stages of a project. The most effective risk-mitigation strategy, however, is the inclusion of a thoughtfully drafted material price escalation clause in the contract itself.