Is an Escalation Clause the Answer?
According to the NASBP, price escalation provisions are not one-size-fits-all and must be carefully drafted so that the escalation clause covers the majority of the contractor's pricing risk.
Construction Material Price Increases: How to Manage the Risk
Most GC’s, trades and material suppliers operate on narrow margins where increases like these could be detrimental to the industry. In this current reality, how do we manage through these times and remain profitable?
Risk Management Best Practices For Contractors
When we look at claims and incidents that happen across industries, we note that there will be a recurrence in some circumstances. Keeping U In Mind is an ongoing communication of real-world scenarios resulting in claims. The goal of providing Keeping U In Mind is to take a proactive step that will likely aid in the prevention of a recurrence of a potential risk that individuals or businesses are facing that are similar to others.
The Three-Day Right to Cancel – Why it Matters
Dealing with in-home sales has its drawbacks, but it is a vital aspect of working with homeowners. Always ensure that your contracts are compliant, contain language that complies with current legislation...
Construction Material Price Increases: How to Manage the Risk
Most general contractors, trades and material suppliers operate on narrow margins where current increases in the market could be detrimental. In this current reality, how do we manage through these times and remain profitable?
Builders Risk – That Can’t Be Considered a Flood, Can It?
A claims adjuster told me a few years ago that flood is the most common uncovered builder's risk claim, but not in the traditional sense.
The Importance of Builders Risk Insurance
Every year, fires cause more than $300 million in property damage. Fortunately, builders risk insurance can assist in this situation. This article explains the importance of builders risk insurance.
The True Obligation of the Surety
The penal sum of the bond is just a figure that matches the initial contract value. It ties the bond to the contract via a shared contract value, but that is not it when it becomes the surety’s total obligation.
Construction Captives
With all the buzz about captives, you might wonder if it could help your construction business. Read on to find out more about captives in the construction industry.
2021 Construction Industry Trends
The COVID-19 pandemic has impacted many businesses across a variety of industries, forcing them to rethink their daily operations to ensure the safety of their employees and the general public. This is no different for construction firms, where COVID-19 has led to project delays, significant job loss, and unprecedented uncertainty.