What Contractors Can Learn From Baseball
Like batting probabilities in baseball, a construction company can typically withstand one major risk. Adding a second reduces the odds of success, and not many survive a third. Contractors should...
View ArticleQuality Subcontractors Are Good for Business
General contractors should consider a proactive approach to prequalifying subcontractors to help eliminate injuries and illness, fatalities, equipment and property damage, and regulatory citations.
View ArticleMeasures to Minimize Subcontractors from Filing a Lien
Lien waivers are one way to reduce and even eliminate the risk of a subcontractor or materials provider filing a claim of lien. While state laws govern the use of lien waivers, contractors should...
View ArticleMitigate the Risk of Subcontractor Default With a Surety Bond
Contractors face liability risks every day. One way to mitigate risk of subcontractor default is with a surety bond. The surety prequalifies the subcontractor and protects the contractor from financial...
View ArticleHow to Avoid Construction Schedule Delays
Completing projects on time while maintaining scope, quality and compliance with company safety standards is not easy, especially when dealing with unexpected weather changes, misunderstandings within...
View ArticleInternal Controls Prevent Construction Losses
Companies can mitigate the risk of fraud by spreading responsibilities among employees. This means separating the preparation, recording and approval of a transaction among multiple people. While the...
View ArticleReducing Risk in Construction: Industry Points to Increased Collaboration,...
Measures to control risk are different for owners, GCs and trade contractors. The high frequency of claims and disputes will continue until the industry embraces good risk management with specific,...
View ArticleInstall Back-Flow Prevention When Transferring Risk on a Construction Project
Risk should flow downhill, from the general contractor to the subcontractor to other workers down the construction food chain. One say to transfer risk is with the right contract language and...
View ArticleBest Practices When Hiring Qualified Subcontractors
Hiring reputable and dependable subcontractors can be a challenge, but it is a challenge that can easily be met. Be selective, define the scope of work, prequalify the subcontractor, get to know the...
View ArticleUnderstanding Defense, Indemnification and Coverage Clauses in Subcontractor...
Most subcontractor agreements contain defense, indemnification and coverage clauses, which are important to protect the general contractor. Yet most contractors do not understand how these provisions...
View ArticleHire Reliable, Well-Schooled Subcontractors to Reduce Risk
Few general contractors can successfully complete projects on time and within budget without the help of reliable subcontractors. Never underestimate the potential harm and disruptions posed by...
View ArticleFive Strategies for Reducing Subcontractor Risk and Hiring Qualified...
Assessing and managing subcontractor risk are among a GC's top challenges, but there are strategies to mitigate the risk. From surety bonding to extensive financial and performance reviews, general...
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