The latest new for the Tampa Bay Rays is that Mayor Ken Welch has pulled back from the two earlier proposals.
Why ?
A number of factors not the least of which continually rising construction costs. First it was COVID; then it was supply chain problems and now it is the high cost of energy. With all of these unpredictable factors if makes a contractor with an NTE (“not to exceed”) contract nervous ! So for existing contracts caught in a bind, look at your contract— look up force majeure and see how that is treated. This if for unanticipated costs (e.g, Acts of God). For contracts being negotiated, factor this cost volatility in possibly with escalator flexibility.
And, if you are an owner trying to correct or fix defects, plan accordingly when negotiating with replacement subs and sub-subs.