5 Top Tips on Contracts, from Nicholas’ PM

5 Top Tips on Contracts, from Nicholas’ PM

There are several caveats when it comes to contracts, and no one knows this better than my Project Manager, Tom Gillett. Being as highly experienced as he is in the field of property, Tom can offer his expert advice to any aspiring developer in need. You are bound to pick up tips and tricks no matter what property-based subject you throw at him. In property, the right contract depends on the size and type of site and the type of building contractors you are looking to use. So, when it comes to contracts, here are Tom’s Top 5 Tips to remember? Tip #1 – Do not assume the value of the development based on the contract Instead, look at the risks associated with it. Where is it based? If it is on the high street, there will be restrictions. The hours of operation may be significantly reduced, it may be heavily populated, and you will most likely have party wall issues as well. If the building is listed, there will be additional considerations. On the other hand, if it is in a field – with a floor, four walls, and a roof – the risk will be less than a site situated on the high street. In these instances, you will generally have more freedom and will most likely not be tied down by the likes of neighbouring buildings and smaller hours of work time. In a development, there are many facets that have to be considered when choosing the

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