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

Understanding 1031 Tax-Free Exchange Transactions

Most people go to great lengths to reduce the amount of tax they have to pay. For those who invest in real estate, a 1031 exchange can be a valuable resource that allows them to increase their net worth without having to pay up to 35% in taxes. Named after Section 1031 of the IRS Code, a 1031 exchange is a transaction in which one property is exchanged for another similar one by deferring the tax implication of a Read More

4 Elements of a Solid Condo Offering Plan

A condo offering plan is similar to the prospectus for an initial bond or stock offering. It needs to be thorough and describe in detail every major aspect of a property that is being sold for the first time. The seller and listing agent are responsible for delivering the offering plan and related due diligence materials to the buyer and their attorney. The exact contents of a New York condo offering plan will Read More

6 Key Elements of Construction Contracts

For construction projects, the contract is literally the blueprint to success. If it is professionally drafted, clearly written, and fair to all parties involved, you’re generally all set. While claims and litigation are always a potential risk in construction law, including the following six key elements can minimize both their likelihood and their impact on your bottom line. Legal Name and Address of Both Read More

The Importance of Contractor Licensing

It can be tempting to forego the mountains of paperwork and costs associated with getting an electrician, HVAC, plumbing, or major contracting license in New York. While working without a license may be more lucrative in the short term without paying the dues and getting insurance or bonding, the reality is that licensure not only protects homeowners, it protects contractors, too. Here’s why. All states, including Read More