A list of puns related to "Cost Overrun"
Everything we do is a labor of love obviously, but I was inspired by this listing I saw: https://www.burkedecor.com/products/menorah-modern-wood-and-steel-in-walnut?variant=32484439490596
Back in summer 2020, I entered into a fixed price contract to put an addition on my home. They started the project in January. Since then, the price of lumber for framing has skyrocketed and is more than 3x what was quoted.
I get that it's not my contractors fault but we've already used all of the contingency to cover the increase costs but now he is saying we need another 20k for lumber that'll have to come out of pocket even though we have a fixed price contract. Having never done something like this before what is the proper outcome? Should I be stuck paying another 20k? Should he? Should we split? Is there a standard?
Back in summer 2020, I entered into a fixed price contract to put an addition on my home. They started the project in January. Since then, the price of lumber for framing has skyrocketed and is more than 3x what was quoted.
I get that it's not my contractors fault but we've already used all of the contingency to cover the increase costs but now he is saying we need another 20k for lumber that'll have to come out of pocket even though we have a fixed price contract. Having never done something like this before what is the proper outcome? Should I be stuck paying another 20k? Should he? Should we split? Is there a standard?
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