CHANTILLY, Va. - With steel prices soaring, the Sheet Metal and Air Conditioning Contractors' National Association has drafted suggested contract clauses to help members deal with the situation.
A sample price-escalation clause has been prepared that hikes the contracted price to reflect the increases in the cost of raw materials or component costs.
SMACNA's legal counsel also drafted suggested guidelines for assessing how steel prices are affecting companies. Members are urged to meet with their legal counsel and analyze all of the contracts and terms for their company.
More information is available at www.smacna.org.