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The Value Of Documenting Effective Construction Business Systems

Contractor Bookkeeping

Unfortunately, when a construction business grows, and staff need to be hired – or the owner needs to take time away from the company – it's an absolute liability not having processes and systems documented in one place. To be in business and to remain in business, become a business person!

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The Startup Construction Business Checklist: 3 Important Documents You Need to Have

Construction Marketing

This article outlines three important documents that you’ll need in order to start and run a profitable business. A construction business needs need public liability insurance , and employers’ liability insurance if you employ staff. Legal Documents. There are many different types of insurance in the United Kingdom.

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#116:  Termination as a Condition of Performance Bond Liability

NH Construction Law

Conversely, not terminating also forgoes the protection of the bond – if termination is an enforceable condition of the surety’s liability. “In interpreting a multiple-document agreement, we seek to harmonize and give effect to the provisions of the various documents so that none will be rendered meaningless.”

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The Impact of ASC 842 – The New Lease Standard Is Here

Construction Business Owner

Going forward there will be a long-term asset offset by a current liability and a long-term liability. These types of transactions are not always sufficiently documented, and terms and conditions may not be at arm’s length. This requirement is FASB aiming for better transparency into the financial positions of companies.

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3 ways to avoid defects in construction

Lets Build

Design defects are a result of the design team failing to produce organised and accurate construction documents. Workmanship defects are what usually come to mind when you think about defects in construction—they occur when someone fails to follow the project’s documents when building components or structures. Design defects.

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Subcontractor Insurance: 7 Policies Subs Should Consider for Their Business

Levelset

“If something goes wrong, liability could hit the GC’s policy, which dilutes liability insurance limits, negatively impacts their claims history, and forces them to deal with a claim that’s not really their fault.”. General liability insurance. For example, assume you paint residential structures of all types.

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YOUR PERSONAL LIABILITY FOR WORKPLACE SAFETY

Safety Services Company

Remember that OSHA fines and penalties are a direct connection to employer liability; these consequences fall in addition to the myriad blows to a business’ bottom line. Keep in mind that many liability lawsuits have arisen from negligence occurring after training; formal initial training is not enough.