Contractual Engagement
Options exist for contractual engagement as described below. Contract terms and conditions will be discussed beforehand, agreed upon, and defined in the contract documents, including billing cycles and specific conditional agreements. Exclusive of our afore-mentioned pre-contract efforts, every option requires a retainer be paid at the onset of the contract.
Option One - Hourly Billing
Under this option, Visidio Partners is paid for its services on an hourly basis using our standard fee schedule. Outside expenses related to purchases, or the use of other (pre-approved) firms will be billed at our cost, with no mark-up applied. Billing and payment terms will be agreed upon, and incorporated in the contract documents.
Option Two - Contractual Fee for Services
This option establishes a set fee for the services to be performed. The fee will be either a dollar amount, or a stipulated percentage of construction costs. When this option is employed the contract will be very specific in terms of what is included. Any additional work requires your preauthorization, and will result in additional charges being assessed. No additional work will be undertaken prior to our mutual agreement and amendment to modification of the contract.
Option Three - Hybrid
Following a format often used for construction management, we may collectively determine a contract can best incorporate needed flexibility, yet not introduce excessive exposure to uncertainties, by developing a hybrid of the two afore-mentioned options. The appropriate terms are established on a case-by-case basis. This style contract couples (reduced rate) hourly charges with a percentage of contract fee.
Option Four - Equity Position
Under certain conditions Visidio Partners may consent to work under a reduced fee schedule in exchange for receiving an equity position in a project. (Please note, most projects do not readily lend themselves to this option.) Visidio Partners reserves the right to accept or reject this option; upon our mutual agreement to work under this arrangement the terms will be spelled out in specific detail in the contract documents.
Granting options for contract format serves two purposes:
Different projects may readily lend themselves more toward one style of contract;
Your preferences and particular situation may cause you to favor one format over another.
Part of our pre-contract conversations will center on discussions regarding contract format. Our interests are to serve you as best we can, and be conscientious in the way we conduct our business affairs.