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The American Institute of Architects (AIA) has published standard form agreements since 1888. AIA Contract Documents have long been viewed as the industry standard in reflecting current industry practices and fairly balancing the risks and responsibilities of all project participants. To keep up with legal and practice developments, this year the AIA released its 2017 documents that included revisions to its owner-contractor agreements, architect scope documents, and the creation of a sustainability exhibit. Continue »

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There is no time to waste in beginning the implementation process for the Financial Accounting Standards Board’s (FASB) new revenue recognition standard, Accounting Standards Codification (ASC) 606. Companies will find differences in some of the methods of recognizing revenue in the future, so taking a proactive approach to ASC 606 can help reduce the stress of implementation. Continue »

The American Institute of Architects (AIA) has published standard form agreements since 1888. AIA Contract Documents have long been viewed as the industry standard in reflecting current industry practices and fairly balancing the risks and responsibilities of all project participants. With changes to industry sustainability practices, AIA Contract Documents has overhauled the AIA Scope documents including the commissioning scope of services. Continue »

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The poster child for construction risk is a differing site conditions clause. Construction contract definitions vary, but generally a differing site condition occurs when, unbeknownst to the owner and contractor at the time of the contract signing, the subsurface of a construction site contains a physical object or lacks a physical property assumed to be present. Continue »

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Property owners, general contractors, subcontractors and materials providers must understand their rights and obligations with respect to construction liens in order to avoid delays in finalizing a project (from the perspective of the property owner) or to avoid forfeiting lien rights (from the perspective of the subcontractor). Continue »