Why Your Next Contract Could Cost You Thousands
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Why Your Next Contract Could Cost You Thousands
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Co-op and condo boards often move too quickly when hiring contractors, which can lead to problems later on. Contractor-written proposals can lack board protections like indemnification and the ability to recover attorney's fees. Signing these inadequate contracts can leave a board trapped with a contractor doing subpar work — or just not showing up. In this episode, J. David Eldridge, partner at Taylor Eldridge & Endres, walks through how this can happen, and what it could cost your building to escape. He reveals the warning signs boards miss and why even routine renewals deserve careful scrutiny. If you've ever wondered whether spending money on legal review is worth it, Eldridge’s real-world examples make the case crystal clear. Habitat’s Paula Chin conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!