Construction Contract Necessities

A well-drafted contract is essential to the success of any construction project. It dictates the terms for everything from materials used to payment schedules, and specifies contingency plans if things go wrong such as delays or disputes over work quality. The elements below are necessary for practically all construction contracts because they can result in significant vulnerabilities if left out. Name, Address, Read More

Construction Law 101: AIA Contracts

When you’re involved in a construction project, having a detailed contract in place can protect it by minimizing risk and avoiding expensive litigation. The American Institute of Architects' A201 General Conditions for Construction and the AIA B141 Owner/Architect Agreement (otherwise known as AIA contracts) are often used because they are familiar to architects and contractors while protecting the rights of Read More

4 Reasons Why You Should Have an Exit Plan in Place

When you start a business, you don’t always have a clear plan for how you will eventually leave it. This is especially true when you’re an enthusiastic entrepreneur fulfilling your lifelong dream. You can’t imagine being anywhere else, nor do you want to. While it may seem counterintuitive to start a business while simultaneously planning on how you will sell or otherwise pass it on this approach is a smart one, Read More

How to Pass on Your Business Through Estate Planning

You’ve spent some of the best years of your life building your business from an energetic startup to a thriving enterprise with a trusted brand and loyal customer base. You don’t think a lot about what will happen to the company when you pass away, but perhaps that should change. If you pass away without providing for the future of the business in your estate plan, it might not outlive you for long. The government Read More

An Overview of Funding Agreements

Between the cost of materials, personnel salaries, and miscellaneous expenses (both planned and unplanned), most construction projects cost millions of dollars to carry out. To acquire the necessary capital, the parties in charge of the project usually need to approach a financial institution, which will draw up a funding agreement for the amount required. Many of the provisions of a project funding agreement are Read More

Tips for Negotiating With Contractors

Most project owners use the traditional hard bid method to select contractors, especially if public projects are involved. You hire an architect, who designs the project. Then you advertise for contractor bids, with the lowest bid typically winning the project. While this approach remains the industry go-to, the negotiated approach is becoming more popular. Project owners who favor this method find that lower Read More

What to Do When a Contractor Abandons the Job

Your business has been doing so well that you hired a contractor to extend your storefront. A month into the project, however, everything started slowing down, and six weeks after being hired, your contractor stopped answering his phone. He vanished into thin air but left behind an unfinished project, piles of trash, and (for you) high-stress levels. What can you do? Document Everything Before hiring another Read More

Don’t Tell It to the Judge: 2 Alternatives to Litigating Your Construction Law Dispute

The construction industry is generally regarded as one of the most contentious and conflict-ridden industries in the U.S. At one time, it was standard procedure for parties to litigate their disputes, which can be a long and costly means of resolving a difficult situation. Now there are effective methods of alternative dispute resolution that allow both sides to resolve their problem out of court. Two of the most Read More

The Difference Between Limited and Unlimited Warranties for Offering Plans

New York law requires every condominium unit made available by a sponsor or developer be subject to a construction warranty. Under the Housing Merchant Implied Warranty law, the following warranties must be provided for new units in multi-unit residences that are five stories or less: The property will be free of construction defects for one year from the warranty date Major systems for electrical, heating, Read More

4 Signs a Potential Buyer for Your Business Is a Good Match

You put a lot of time and effort into making your business the success it is today. Now you’re ready to retire or advance to the next stage in your entrepreneurial journey, but you want to ensure that the business is sold to someone who can take it to the next level. You’ve just gotten an attractive offer, but is this buyer is a good match for your business? Here are four signs that the answer could be yes. 1. Read More