Clocking in with PilieroMazza: New Board Cases Provide Guidance for SCA Price Adjustments
With material cost volatility in the current market, the topic of price escalation clauses is more prevalent. Some material costs are up and other costs are now down. Traditional lump sum contract structures do not take into...more
The annual inflation rate in the United States rose 7% in 2021, its highest rate since 1982. The construction industry has not been immune from this general trend, with steel prices rising 200% and lumber prices soaring as...more
The COVID-19 pandemic has had implications that no one ever expected (toilet paper shortage anyone?). Added to the ever growing list of unanticipated consequences: price escalation in construction projects....more
The current state of the construction industry as it concerns cost escalation and supply issues is one of uncertainty and time of performance problems resulting in increasing costs. There are major disruptions and delays in...more
While an increase in construction costs for materials is not new to the industry, the extent of the cost increases during this COVID-19 time may be beyond anyone's experience. Prior to COVID-19, material costs have spiked for...more