On Jan. 19, ConsensusDOCS released an update to its three-year-old library of model construction-contract documents. The group revised prime agreements for design-bid-build (ConsensusDOCS 200, 205, 240 and 245), design-build (410 and 420), construction management-at-risk (500) and the subcontracting agreements (750 and 751). The revisions include both long and short forms for agreements between the owner and the design professional, between the owner and the constructor (formerly called the contractor) and between the constructor and subcontractor. In addition, new qualification statements for constructors (221) and subcontractors (721) are available. One change gives the owner the right to audit the constructor’s books.
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.