Tag: Contract

Negotiation: Including a clause that requires parties to engage in fair negotiations may resolve misunderstandings. It may be worthwhile to outline a specific process such as electronic communication.
Mediation: Agreeing to work with a designated third party offers both sides a neutral opinion about facts and reasonable ways to move forward.
Expert Evaluation: Another process that is generally not binding involves enlisting a construction expert. This mutually agreed upon person can provide a concise opinion that highlights commonly adopted industry standards and how they might be applied.
Adjudication: This process formalizes mediation and can be legally binding to some degree. A neutral party with experience resolving construction contract disputes renders an opinion both parties agree to follow.
Arbitration: This process usually involves paying a lawyer, but it may prevent expensive courtroom litigation. An impartial arbitrator reviews facts and documents submitted by both sides. The language in the contract can make the arbitrator's decision legally binding.

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Information deemed reliable but not guaranteed. The information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All listings are provided courtesy of the Emerald Coast Association of Realtors, Copyright 2024, All rights reserved. Listing Information Last Updated 10/22/2024 06:10 PM