WASHINGTON, DC – March 28, 2013 – (RealEstateRama) — ConsensusDocs released the new ConsensusDocs 498 Design-Build Teaming Agreement today, which provides a standard contract for parties desiring to form a team for the purpose of submitting a bid on a design-build project.
This agreement has the flexibility for those team members to include design professionals, contractors and other parties. One team member serves the role as team leader for the purposes of compiling and submitting the proposal, as well as for negotiation of the owner agreement, if awarded. Critical issues such as confidentiality, withdrawal from the team, and document ownership are included. Post-award considerations are addressed and team members are required to enter good faith negotiations for a subsequent agreement covering the work (e.g., the ConsensusDocs 298 Joint Venture Agreement or the 299 Joint Venture LLC Operating Agreement).
“With the industry’s increase in joint ventures and design-build construction, there is an increased need for a standard preliminary teaming agreement. The new document provides an excellent contractual foundation for all parties desiring to form a design-build teaming arrangement prior to forming a joint venture,” said Kory D. George, partner at Woods & Aitken LLP and chair of the ConsensusDocs teaming working group. He added the contract is specifically drafted to address the unique considerations of a design-build teaming arrangement.
The newly-published agreement furthers the coalition’s goal of writing fairer contracts to deliver better project results with less litigation. Similar to all ConsensusDocs standard contract documents, this agreement takes a project-first approach and promotes collaboration, communication and integration.
ConsensusDocs are the only standard contracts written and endorsed by 38 leading design and construction industry associations. For more information, visit www.ConsensusDocs.org.
Contact:
Carrie Ciliberto
703-837-5367
