There are many factors that can cause delays on the construction schedule of a project– and budget overruns. From issues with the design, to changes in the owner’s plans, or poor planning and management on the contractor’s side, every project has its own story.
No matter what the scenario, delays almost always lead to additional costs. For example, if the property or project is an income-producing project, delaying the start of revenue stream can have huge consequences. Whether it’s a property owner breaking lease agreements on move-in dates with their tenants or a pharmaceutical facility losing millions of dollars per day in sales from a delay in a construction schedule, it’s vital to have the proper processes in place to avoid extensive costs and potential litigation.