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 »
Prevailing business wisdom holds that the way to reduce credit risk is to limit credit lines, be stingy in allowing credit and freeze orders on past due accounts. This line of thought posits that it is generally impossible to lower “bad debt” losses without adverse consequences to sales and business expansion. Read The Full Story »
Are Certificates Listing a Construction Company as an Additional Insured Worth the Paper They’re Written On?
Owners and contractors often shift risk by requiring contractors and subcontractors to name them as additional insureds (AI) on commercial general liability (CGL) policies. Continue »
The construction contract is a critical component to every construction project. And, unfortunately, construction contracts can be long documents understood only by attorneys. Continue »
For many contractors, once a client contract is created it is rarely given another thought. That is, until an issue arises with a client over payment terms or scope of responsibility. Continue »
Four experts offer advice on what contractors need to know about construction disputes.
U.S.-based small- and medium-sized businesses face an almost 12 percent chance that they will be hit with an employment claim, according to a study of employee charge trends by specialty insurer Hiscox. Continue »
When company disagreements get serious enough that lawyers are hired, the next step is often a lawsuit. But even when parties disagree so deeply that they’re headed to court, it’s still worth trying to agree on just one thing: to litigate the dispute in binding arbitration rather than court. Continue »
Beginning with a sound construction contract can have a significant impact on a firm’s profit, loss, reputation and overall ability to manage a project. Risk shifting is the contracting norm, and attorneys across the country scrutinize contract clauses when deciding which client will prevail. 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. Continue »
Contractual requirements for increased risk management can communicate the expectation of safety and minimize exposure for losses. Unfortunately, the standard construction contract contains very little in regards to incident prevention. 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 »
Litigation is a frightening word to many in the construction industry. Construction litigation is incredibly confusing, with seemingly few solid answers to setting targeted goals, limits and expectations. Continue »