A well-drafted construction contract clearly sets out the work to be done, the price to be paid for the work, and the terms and conditions of payment. The contract should also allocate various foreseeable risks between the parties. When the parties allocate a list of potential risks, the contract becomes longer, but it reduces the potential for disagreements in gray areas that are not addressed, assuming that both parties take the time to read and understand the lengthy document. Of course, failure to read a written agreement is not a valid defense.