What does Consensusdocs mean? Read on to discover the definition & meaning of the term Consensusdocs - to help you better understand the language used in insurance policies.
Endorsed by more than 20 industry organizations representing owners, designers, general contractors, subcontractors, and sureties, this family of construction contract documents aims to facilitate collaboration on a construction project. Unique to this family of documents is the tri-party agreement (ConcensusDOCS 300), which establishes a team of decision makers representing the owner, general contractor, and designer who jointly make decisions in the best interest of the project. The 300 document includes reciprocal indemnity obligations whereby each party agrees to indemnify the others to the extent of the indemnifying party's negligence. Most other standard contracts place a unilateral indemnity obligation on the contractor, with the possible exception of the owner's obligation to indemnify for damages arising out of the hazardous substances found on the job site. The inclusion of indemnity obligations on the part of the architect/engineer is particularly unique and sets ConsensusDOCS 300 apart from most other standard construction contracts. The Associated General Contractors of America (AGC) administer and sell these contracts.
We hope the you have a better understanding of the meaning of Consensusdocs.