Question: An owner and a contractor signed a contract for building a project in Chicago, Illinois, at a lumpsum cost of US$3,550,000. The project is supposed
An owner and a contractor signed a contract for building a project in Chicago, Illinois, at a lump‐sum cost of US$3,550,000. The project is supposed to start in April and finish by the end of the same year. The owner had unexpected problems in financing the project that forced a four‐month delay in the start of the project. Luckily, this happened before the contractor’s mobilization, but the contractor filed a claim demanding raising the price to US$4,100,000 due to inflation and the fact that the project will be built during less productive time. The owner disagrees with the second cause. How would you resolve this claim?
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