Contracts and Payment Structures
Part I. What are some â€œpenaltiesâ€ that can be incorporated into a contract? What are the benefits of this to the contractor and what might be some reasons not to include penalties? Are all contracts voidable?Part II. Discuss how incentives can be incorporated into a partnership contract â€“ use a construction partnership as an example. What are some incentives and how can/should they be specified in the contract?