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

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.

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.

Construction boom leaves contractors with questions about getting payment

Collections Law

Construction is not one of those professions. Construction workers work hard, and their results are easily quantifiable. There are times when even though the work is clearly complete, construction workers or subcontractors struggle to get payment for their work.

The Importance of Force Majeure Provisions in Construction Contracts

Jimerson Firm

Of course, the last couple of years have caused a big change in that perspective as the construction industry has gone through the COVID-19 pandemic and related governmental lockdowns, supply chain disruptions, and skyrocketing material escalation costs. Construction Industry Legal Blog

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

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.

Nonresidential Construction Employment Expands As Construction Industry Unemployment Ticks Higher

NACM

The construction industry recovered 92.1% Bureau of Labor Statistics data.Nonresidential construction employment added 27,000 jobs in December: 12,900 in nonresidential specialty trade 10,400 in heavy and civil engineering 3,700 in nonresidentia.

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.

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 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.

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?

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.

Rogue construction firm shut down due to Business credit scam

UK debt collections

A rogue construction firm has been shut down due to an elaborate and deliberate business credit scam. The company operated two businesses, NB Construction and NB Wholesale. The cash payment was then collected in person by the NB Construction representative.

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.

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.

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.

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.

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.

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.

Construction Workforce Shortages Pose Risk to Infrastructure Projects

NACM

Construction workforce shortages undermine the industry's ability to complete projects on schedule and threaten the success of new federal investments in infrastructure and manufacturing, according to data from the Associated General Contractors of America (AGC) and Autodesk."Construction

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 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.

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.

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.

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.

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 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.

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.