Navigating a challenging market

As the demand for construction projects continues to increase, builders are facing unprecedented challenges that threaten their profitability and sustainability. The rising cost of materials, supply chain delays, and labour shortages are key amongst them. Builders must be proactive in managing these risks to ensure they remain competitive and profitable. Two ways to do this include:

1. Review your contracts before you sign them. Ensure you have certainty and protection against unexpected cost increases and delays. Include key provisions such as price escalation mechanisms and broad rights to extensions of time and cost. a trade priority drive-through. Carrington Road was further developed in 2022, adding an extra 1,800sqm warehouse to improve consistency in delivering orders on time and in full despite the supply crisis.

2. Manage relationships, but still put in your contractual notices. Builders should understand the key notice requirements in their contracts and have templates of these ready to fill out and send. Missing a key notice during project delivery can result in a loss of entitlement to time and money.

In February 2020, BMS acquired Toowoomba Truss and Frame (TTTF).

For more information visit bmsm10.com

McInnes Wilson Lawyers in Brisbane is a leading law firm with a highly experienced team of construction lawyers who can assist builders with contract review and risk management solutions.

Members can contact the team at McInnes Wilson Lawyers at mcw.com.au to arrange a free 30-minute initial discussion. 