The 1997 AIA Constuction Documents: A Guide for Lender's Counsel
Probate and Property, November/December 1999, Volume 17, Number 6
by Dianne S. Coscarelli
Dianne S. Coscarelli is a partner with Thompson Hine & Flory LLP in Cleveland, Ohio. She is a Vice Chair of the Real Property Division's Construction Lending (I-4) Committee and a member of the Real Property Division's Legal Opinions in Real Estate Transactions (B-4) Committee.
The American Institute of Architects (AIA) has traditionally revised its form documents every 10 years but is now accelerating the revision cycle to five years. Until the 1997 revisions, part of the tradition was to ignore the role of lenders in the form documents. In the latest revision, the AIA affected lenders with many of the over 150 substantive changes that were made to the Standard Conditions, AIA Document A201-1987. The impact on lenders will not necessarily be favorable.