Your professionals can assist you in determining the reasonable extent of such studies. Lastly, always allow for a contingency item in your total project budget. Again, your design or construction professional can recommend an appropriate contingency for your specific project. Clearly, the best protection an owner can provide is to work with the highest quality design and construction professionals available. Having done this, there are other specific protections to be considered.
Design professionals professional liability insurance.
Lien waivers required with each contract progress payment. There are many critical aspects of a successful project that are controlled and managed by the owner. Commit the necessary financial resources and communicate budget constraints to all team members. Appoint an owner's representative who is capable, responsive and in a position of authority. Provide accurate information on sites, soils, existing buildings, etc.