Construction projects require cooperation and coordination among a long list of participants including architects, contractors, subcontractors and others. So it's not surprising that even the most straightforward construction projects can result in disputes and ultimately, costly litigation.
In the News
Thursday, July 30, 2020
Thursday, July 16, 2020
If you find your company gaining a large influx of projects, the biggest problem will be the boost in the amount of capital you will need in comparison with your cash flow.
Thursday, July 2, 2020
"I'll do your family's dental work for free if you build a deck onto my house." If you're in the construction industry, you've probably received an offer like this or made a similar offer to someone else in a different line of business. It's a modern variation of the age-old practice of barter. What makes it especially intriguing in this day and age is the idea that you can exchange services or products with someone without exchanging money.
Thursday, June 18, 2020
Builders and contractors who buy commercial general liability (CGL) insurance policies with the impression that they will keep them safe from allegations of inadequate or faulty work must be aware of what their policies cover. It's important to know that a CGL policy does not provide coverage for work that is faulty.
Thursday, June 4, 2020
They say hindsight is 20/20. You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them.
Thursday, May 21, 2020
It's obvious that without customers, your company wouldn't be in business. But not all customers are alike. Some account for a big percentage of your profit, while others' contributions may be negligible.
Thursday, May 7, 2020
All construction companies store equipment, from a garage full of tools, to a scissor lift, from something as simple as an auto trailer, to something as complex as a hightower crane.
Thursday, April 23, 2020
While personal credit ratings and FICO scores are kept up automatically — like scoreboards at sporting events — business credit scores are more hands-on and reserved for the proactive and savvy businessperson. There are certain key points about business credit scores and credit ratings that can increase your awareness and your ability to access financial markets.
Thursday, April 9, 2020
It's no surprise that construction sites are ranked high on the list of the most dangerous workplaces. Nail guns, heavy falling objects, saws and other items are often the cause of serious injuries. The possibility of serious injuries or fatalities is higher in construction than most other industries.
Thursday, March 26, 2020
Builder's risk insurance provides protection for a structure that is damaged during construction. These policies are usually broad. In fact, the coverage is generally extensive enough to include construction equipment and machinery, as well as materials, fixtures, and appliances -- all vital parts of a completed structure. It can also cover temporary structures, such as office trailers, on a project site.