For the past few years, subcontractors have been experiencing the burden of a serious backlog, shortages in labor and increased costs. These factors create strong pressures on subcontractors and make them more vulnerable to default and other risks. Continue »
Some financial risk is inescapable on every construction project. The generally large number of parties performing work, and the fact that the money on the project must trickle down through many of those parties before others can get paid, results in slow (or sometimes non-existent) payment. Continue »
Get It Right or Lose Payment Rights: Navigating Bond Notices and Bond Claims on Construction Projects
A payment bond secures a subcontractor’s and a supplier’s right to get paid. If a job is bonded, payment is secured generally by the bond and not by the property. Continue »
Stan Halliday from Travelers Bond & Specialty Products answered questions about Expedited Dispute Resolution (EDR) bonds and what the construction industry needs to know about them. Continue »
At a time when local, state and federal government budgets are under mounting pressure, allocating the resources to refurbish America’s aging infrastructure – the roads, bridges, railways, airports, water systems, pipelines and other components upon which our economy depends – is an increasingly difficult challenge. Continue »
It was a sad day in West Michigan in July 2014 when the President of Lamar Construction announced they were closing, bankrupt after being in business since 1938. The bank had canceled their line of credit. Continue »
Being a construction contractor means facing a lot of risks and difficulties. From the ongoing labor shortage to the language of contracts and the terms of insurance, the hurdles contractors need to jump through can be many. Continue »
How Will the New 2017 AIA Contract Documents Affect Projects? Keep Up With Developments and Revisions to AIA Owner-Contractor Agreements
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. Continue »
The consensus that our nation’s aging infrastructure is in serious need of repair and the need to rebuild is broadly accepted by legislators, business leaders and the American public. Continue »
Once a construction dispute arises, the parties to the contract may find themselves wondering what the best course of action is. Disputes can be time-consuming, harmful to a contractor’s reputation or damaging to the relationship between them and the client. Continue »
Construction Executive asked top executives at leading sureties and insurance companies specializing in construction for advice and insights on:
- What do contractors need to know about additional insured coverage when obtaining insurance?
- If there is a burst of construction activity under the Trump administration, what advice can you offer to contractors that might overextend?
- What insights can you offer as the practice of contractors purchasing surety bonds directly becomes more common?
- What are the benefits of the surety bonding prequalification process and how can contractors prepare for it?
State laws often require contractors to obtain a license bond and/or contract-specific bonds, as well as workers’ compensation and liability insurance. The difference between contractors bonding and insurance is not always clear. Continue »