Five things a company needs to look for in a consulting agreement

Consultants have become an essential resource especially in the construction industry, as they offer specialized information and guidance on construction projects. However, companies should be aware of what to include in consulting agreements to avoid any disputes that may arise in the future.

Description of services – A consulting agreement should state what is expected from the consultant to give the consultant and the management an idea of what is to be expected.

Payment and terms of payment – Payment is vital, and the contract agreement should state how much the consultant will be paid and when and how this payment will be made. If the consultant is paid an additional fee according to their performance, the outcomes should be stated together with the amount.

Dispute resolution and mediation – If conflicts do arise the contract should state how these disputes will be handled. Most often mediation is the most effective option for both parties because the process is quick and cost-effective.

Termination – The consulting agreement should detail how either party can terminate the contract. The focus should be on the circumstances that warrant termination and how much notice each party should provide the other.

Timing – Being clear on how long the consulting services will be undertaken, provides both parties with a time frame to handle critical tasks. Timelines can also assist to measure progress and plan how the services of your consultant will be put to use.

Written by Lyle Charles. When you need a bit of extra help with your current build, look no further than Lyle Charles. Through his firm, you can get everything from his construction consulting services to help with turnaround services, consultations on matters that may be holding you back and much more.