By Drew Colby ( May 23, 2018, 1:48 PM EDT) -- This article discusses the current construction cycle, "mature," and, more specifically, some of the most crucial contracting terms for this cycle. We generally recognize four construction cycles; namely, rock bottom, burgeoning, mature and declining. Different construction cycles require different contract terms because each cycle presents its own benefits and challenges. For example, during the burgeoning cycle, contractors are generally available and construction costs are very competitive. However, roughly 75 percent of all construction company failures occur during the burgeoning cycle because contractors lack working capital necessary to prosecute their work. In order to draft an appropriate construction contract, it is vitally important to understand the construction cycle and, thereafter, leverage the benefits and reduce the challenges associated with that cycle....