We are a millwork company acting as a sub on a new construction contract. Millwork won't happen until next summer most likely. We have another sub doing stone countertops, with a quote that can't be locked in. As material prices soar, the contract price is increasingly unlikely to cover the material costs, but the GC isn't open to cost increases (it is a city contract). Do I have the option to back out of this contract ? I have done the engineering work (shops and samples) but I haven't billed them anything.
Any attorney would need to review the contract to answer this question. It's equally likely that the contract either has a term that addresses this, either directly or indirectly, or does not such that the risk simply falls to one party or the other.
I would be happy to discuss this with you further in a confidential call/setting.