Startling rise in construction firm recovery loan defaults

UK debt collections

A startling rise in construction firms defaulting on covid loans could signal a wave of future business failures. The default rate in construction is 2.5% – more than twice the default rate of some other sectors, such as arts and entertainment (1.3%) and healthcare (0.8%).

Construction Contractors Beware the Consequences of Consequential Damages

Jimerson Firm

Consequential damages for breach of a construction contract are a significant risk that contractors need to understand and be aware of in connection with construction projects. Construction Industry Legal Blog

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Best Construction Insurance Companies

Nerd Wallet

Construction professionals face various risks, from on-the-job injuries and equipment theft to timeline delays and customer lawsuits. The best construction insurance companies offer customizable policies so you can get the right coverage based on.

Overview of Construction Teaming Agreements in Florida

Jimerson Firm

Teaming agreements in the construction world, also referred to as teaming arrangements, are agreements between two or more independent companies to combine their resources, abilities, and knowledge, for the purpose of obtaining and, if successful, performing a competitive bid construction contract.

What Should Construction Contractors Do When a Property Owner Files For Bankruptcy?

Jimerson Firm

A construction project to a screeching halt when a property owner files for bankruptcy, creating a serious risk of substantial losses for the contractor, as well as subcontractors and suppliers. The Impact of Bankruptcy on the Construction Contract. Construction Industry Legal Blog

Recent Changes to Local Construction Contractor’s Licensing

Jimerson Firm

The post Recent Changes to Local Construction Contractor’s Licensing appeared first on Jimerson Birr. Construction Industry Legal Blog

What are the Types of Damages a Property Owner Can Recover for Construction Defects?

Jimerson Firm

When a property owner experiences construction defects in their property, one of the important considerations as to whether or not to pursue a construction defect lawsuit is what types of damages may be available to remedy the defects.

Construction Industry Webinar: Construction Delay Claims – Best Practices for Subcontractors

Jimerson Firm

Construction Delay Claims: Best Practices for Subcontractors aired on Thursday, September 10, 2020. This Managing Problem Projects webinar was geared towards Subcontractors and was presented by three of our partners from the construction industry team.

New Licensing Requirements That Construction Contractors Need to Know About (The Occupational Freedom and Opportunity Act)

Jimerson Firm

On July 1, 2020, the Occupational Freedom and Opportunity Act (the “Act”) became law, which eliminated some barriers for construction contractors to become licensed in Florida. Background of Construction Contractor Licensing Requirements.

Five Key Construction Contract Terms That Every Building Owner Needs to Negotiate

Jimerson Firm

When a building owners hires a contractor to construct a building or other construction project, the contractor is often significantly more experienced when it comes to the ins and outs of the construction contract as well as the overall construction process.

Construction and Real Estate E-Note October 2021

Burr Forman

Pandemic Keeps Creating Challenges for Construction Industry (Source: Construction Executive, 2021-09-21). Climate Change Expected to Challenge Construction Industry (Source: Insurance Journal, 2021-10-01). Resources. COVID-19 Vaccine Guidance for Federal Contractors.

Ways to Finance Construction Equipment: Lenders and How to Qualify

Nerd Wallet

Construction equipment — like bulldozers, excavators, forklifts and cranes — is a huge investment for small businesses, and purchasing it outright oftentimes isn’t an option. The article Ways to Finance Construction Equipment: Lenders and How to Qualify originally appeared on NerdWallet.

New Florida Law Substantially Reduces Retainage Rate on Government Construction Projects

Jimerson Firm

On September 18, 2020, Florida Governor Ron DeSantis signed House Bill 101, an act relating to public construction , into law. The new law reduces the maximum retainage rate on public construction projects to a flat 5%. What Public Construction Projects are Affected?

Construction industry fears rise for firms going bust

UK debt collections

The construction industry is the latest sector to brace itself for a spike in Insolvencies. NMCN was construction’s highest-profile casualty last year, sinking into administration last October.

Perfecting Rights Under the Miller Act for Federal Construction Projects

Jimerson Firm

Contractors cannot file mechanic’s liens on public construction projects, such as work on military bases, courthouses, or government owned buildings. The Miller Act only applies to federal construction projects; it does not apply to commercial, private, or state construction projects.

Construction Bid Protests in Florida: Top 10 Things Contractors Should Know

Jimerson Firm

Filing a construction bid protest must be done quickly, and it comes with its fair share of risks. This article provides an overview of the top ten things contractors should know about construction bid protests in Florida. Top 10 Grounds for Construction Bid Protests in Florida.

Webinar: 15 Critical Construction Contract Provisions

Jimerson Firm

On Wednesday, March 3, 2021 from 12:00 PM-1:00 PM, three of our partners will present 15 Critical Construction Contract Provisions: How to Use Them to Protect the Project and Your Bottom Line. “Joby” Birr will lead this one-hour webinar for the construction industry.

Construction Industry Webinar: Lien Law for Prime Contractors

Jimerson Firm

Managing Problem Construction Projects in Turbulent Times: Tools for Success is a multi-part education series designed for business owners and leaders in the construction industry. This webinar was presented by three of our partners from the construction industry team.

Pay-if-Paid Provisions in Construction Subcontracts: They Are Not All Created Equal

Jimerson Firm

Construction contracts may contain either a pay-if-paid provision or a pay-when-paid provision. Pace Construction Corp. The post Pay-if-Paid Provisions in Construction Subcontracts: They Are Not All Created Equal appeared first on Jimerson Birr.

Contractors and Owners in Florida Beware: Higher Interest Rates and Increased Penalties for Withholding or Misapplying Construction Funds

Jimerson Firm

On July 1, 2021, Florida Senate Bill 378 takes effect and amends a number of Florida Statutes governing prompt payment on various types of Florida construction projects. These changes apply to any construction contracts executed on or after July 1, 2021.

Construction Jobs Take a Hit in January

NACM

The construction industry took a hit in January after losing 3,000 jobs on net, which Associated Builders and Contractors (ABC) Chief Economist Anirban Basu likened to "the damage to many state and local government balance sheets."

Construction Industry Webinar: Liens and Protecting Your Right to Get Paid

Jimerson Firm

Managing Problem Construction Projects in Turbulent Times: Tools for Success is a multi-part education series designed for business owners and leaders in the construction industry. This webinar is presented by three of our partners from the construction industry team.

What Every Florida Community Association and Building Owner Needs to Know About Florida’s 10-Year Construction Defect Statute of Repose

Jimerson Firm

This statute, known as Florida’s construction statute of repose, imposes a strict 10-year deadline on any legal claims founded on the design, planning, or construction of an improvement to real property in Florida, with any claims not brought within the deadline completely barred.

Construction Industry Webinar: Bond Law for Subcontractors and Suppliers

Jimerson Firm

Managing Problem Construction Projects in Turbulent Times: Tools for Success is a multi-part education series designed for business owners and leaders in the construction industry. This webinar is presented by three of our partners from the construction industry team.

Commercial Construction Loans: What They Are and Where to Get One

Nerd Wallet

A commercial construction loan is a kind of business loan that helps your company cover the costs associated with building or renovating structures. You can use these construction business loans to purchase land, buy materials and pay workers.

Subcontractors: What to Do If You Are Not Getting Paid on a Construction Project

Jimerson Firm

If a subcontractor is not getting paid for work on a construction project, the subcontractor must first determine whether the general contractor has grounds to withhold payment and consult the subcontract. Construction Industry Legal Blog

Five Key Construction Contract Terms That Every Subcontractor Needs to Negotiate

Jimerson Firm

One of the most important aspects of construction project success for subcontractors can be the subcontract agreement. Other subcontract provisions are also important, so having an attorney experienced in construction law evaluate the subcontract is recommended.

Construction Spending Climbs in August

NACM

Construction spending in the U.S. The Census Bureau announced earlier this week that construction spending in August increased 1.4% is near levels seen at the beginning of the year. to a seasonally adjusted annual rate of $1,412.8 billion. This is also 2.5% above the August 2019 data.

How to Get Construction Business Insurance

Nerd Wallet

Commercial insurance isn’t just essential for construction businesses, it is often required — either by the state or client — for contractors and developers. The article How to Get Construction Business Insurance originally appeared on NerdWallet.

Construction Industry Webinar: You’ve stopped getting paid, now what?

Jimerson Firm

The webinar covered options subcontractors and suppliers can take upon nonpayment on a construction project. This webinar was the sixth of a multi-part education series for business owners and leaders in the Construction Industry. Florida Construction Industry Law Blog

Another Rise in Construction Input Prices

NACM

Construction input prices rose once again in August by more than half of a percent, according to Associated Builders and Contractors, where Chief Economist Anirban Basu said inflation is "a bit hotter than anticipated."Based

How to Start a Construction Company

Nerd Wallet

There’s a lot that goes into learning how to start a construction company, and not just on the financial side. The article How to Start a Construction Company originally appeared on NerdWallet.

Best Construction Accounting Software for 2021

Nerd Wallet

How do you know which construction accounting software is the best fit for your business? This article will familiarize you with the top construction accounting software programs available – both desktop-based and cloud-based.

Nonresidential Building Construction Employment Takes Another Hit

NACM

The construction industry may have added 20,000 jobs on net last month, but July's nonresidential construction employment dwindled.

Material Prices Spike for Nonresidential Construction in Recent Analysis

NACM

Prices for new nonresidential construction rose more than 21% from February 2021 to February 2022, according to an Associated General Contractors of America (AGC) analysis of government data.