The key to making money is control, and the key to control is the construction contract. This essential management tool ensures profitability and protects both the contractor and the customer. But to be effective, it needs to anticipate every detail, circumstance, and problem that might come up.

During my 28-plus years as a builder and remodeler, I've tracked what has and hasn't worked for my company's projects and sought feedback from clients, architects, subs, and suppliers. That information and a good construction attorney helped me craft a solid contract. Careful contract wording will keep you out of trouble and in control, and give...

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