One of the more densely populated states in the US, Connecticut has 169 towns, 21 cities, and nine boroughs. Out of the 3.57 million population, 95,280 people work in the construction sector in Connecticut.
When building, there are two strategies that one can choose to employ. They are partnering with established companies or taking on the project themselves.
The first option is anytime better for commercial construction Connecticut. When you go with a commercial construction company, you can be confident that your project will be completed on time and within budget.
Hiring Commercial Construction Companies
It is an excellent strategy for many entrepreneurs who need their construction projects done as soon as possible and cannot wait years until they have the capital to build it themselves.
It also allows them to enjoy all of the benefits that come along with this type of arrangement, such as tax breaks. Hiring a good company in Connecticut will provide value for money and last for many years without any maintenance issues.
The benefits notwithstanding, the strategy also requires some due diligence.
Here are a few aspects you must consider when hiring commercial construction companies.
Security Deposit (Equivalent to Three Months of Project Cost)
When you hire a commercial construction company, you will be required to sign a contract first. You should read it thoroughly and understand it because it is the only thing you will have if things go wrong.
One vital clause to check is the security deposit clause that indicates how much money they agree to pay as a security deposit. Typically, it’s equivalent to three months of the project cost.
The deposit acts as insurance and can be used for expenses such as removing rubble left in your property by the company if they fail to do that themselves before finishing work or other expenses arising from their failure to do right by you.
In most cases, however, there are no problems, and the security deposit will be fully refunded to the construction company upon completion of the project.
References and Insurance
One of the best ways to determine if a company specializing in commercial construction in Connecticut is reliable or not is by checking their references.
Do your research and ask questions; you want to ensure that they have a good track record and qualified employees.
You should also check if they have insurance if something happens while work is being done.
Drawings and Specifications
You should make sure that the contractor you choose has a complete understanding of the drawings and specifications for the project before starting anything.
According to a market survey, nearly 2,000 acres of commercial land and property are for sale in Connecticut, valued at $136 million.
If there are any changes or additions to the plan during construction, these must be conveyed promptly to the contractor so that there is no misunderstanding and the project can be completed as efficiently as possible.
Before starting work, contractors will provide you with an estimated timeframe within which they expect the project to be completed.
You should ensure that this matches your expectations and is feasible; if it isn’t, discuss it with the contractor before signing the contract. It is essential, however, to remember that unforeseeable issues can cause delays and be prepared for such issues.
The payment schedule should also be included in the contract and followed closely.
Typically, there are milestones set for different parts of the construction project, and payments are made upon completion of each milestone. It helps both parties track what has been done and what still needs to be done.
Suppose you don’t want this type of arrangement. It is crucial to include a clause in the contract stating that the contractor is only responsible for completing the project according to the drawings and specifications.