According to the NASBP, price escalation provisions are not one-size-fits-all and must be carefully drafted so that the escalation clause covers the majority of the contractor's pricing risk.
There are a couple of terms dominating the marketplace discussion in the insurance industry right now – Social Inflation and Nuclear Verdicts. These two terms represent a couple of defining phenomenon in the current hard market.
Everybody redlines contracts. But will your strikethroughs and handwritten notes stand up in a court proceeding, even if initialed and agreed to by all parties? A Missouri Court of Appeals has ruled on what can happen as the result of a dispute over stricken contract clauses in a case related to interest on unpaid balances. The results may surprise you.