Florida GC files for Chapter 11
Construction Dive
FEBRUARY 1, 2023
Supply chain disruptions, price inflation and labor shortages are causing major headaches for firms with fixed-price contracts, leading some into bankruptcy, attorneys say.
$170 million down the drain: Lessons to learn from Quirky’s bankruptcy
Construction Marketing Ideas
OCTOBER 2, 2015
The quirky.com website (scrolling down from the bankruptcy notice at its top.) The bankruptcy notice. As it is, it seems the contract manufacturer for most of Quirky’s products, Flextronics , will take a bath as the largest unsecured creditor, but may end up with some of the worthy assets of the failed start-up.
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The First Green Building Litigation. The Rest of the Story.
Green Building Law Update
JULY 19, 2015
A counterclaim was filed by Shaw Development alleging breach of contract and negligence. Significantly, a motion to stay proceedings and compel arbitration was granted by the court in response to the contract provision (the parties having utilized AIA B101 – 1997™) that mandated binding arbitration. .”
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The First Green Building Litigation. The Rest of the Story.
Green Building Law Update
JULY 19, 2015
A counterclaim was filed by Shaw Development alleging breach of contract and negligence. Significantly, a motion to stay proceedings and compel arbitration was granted by the court in response to the contract provision (the parties having utilized AIA B101 – 1997™) that mandated binding arbitration. tax credit certificate.
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Seven Things to Do When an Owner Doesn’t Pay
Constructonomics
MAY 2, 2014
I also know that the school district won’t dissolve all of a sudden or declare bankruptcy. So if an owner owes you 50% of a contract value, you probably owe about 80% of that money to subs and suppliers (if you’re a GC of course), so now you’re left with no money after you pay the lawyer.
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How High Profit Jobs Send Contractors Into Bankruptcy
Contractor Bookkeeping
NOVEMBER 3, 2012
Homeowners want to believe everything is included in the original contract price including the little extras they think of along the way. The remodel contractor uses a form of "Cost Plus" or "Not To Exceed" to provide the homeowner with scope of work and a contract price the bank needs in order to finance the construction.
New Fallout Hits Creditors In PG&E Battle
ENR Construction
FEBRUARY 6, 2019
Construction firms join power providers caught in contract issues from giant utility’s Jan. 29 bankruptcy filing; the company also releases details of an extensive wildfire mitigation plan and upgrade.
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#130: Secured Lenders' Rights to Construction Contract Payments
NH Construction Law
OCTOBER 22, 2023
It happens this way: A contractor or subcontractor borrows money from a lender, and as security for the loan it gives the lender an assignment of or lien on its receivables and contract rights. Otherwise all construction contracts would have such a clause, thwarting the lender’s statutory rights.
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Construction Estimating
Chianelli Estimating
JANUARY 30, 2020
Many times those costs are not recovered, however; they could make the difference in keeping the Builder or Owner solvent or ending up with a failed project or worse yet bankruptcy. A good estimate requires time to develop which directly effects the Owner’s, Contractor’s, Architect’s and Engineer’s cost of doing business.
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The Road to Recovery in Detroit
Buisness Facilities Contributed Content
JULY 17, 2013
The manager will determine what he can salvage from a legacy of decline that has left Motown on the cusp of bankruptcy. Cerberus, an equity player who had acquired a majority stake in Chrysler from German auto giant Daimler-Benz in 2007, went into bankruptcy in 2009. automaker from going the way of the dinosaurs.
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Architect's Consent to Assigment
Construction Lawyer
MAY 13, 2013
What if the borrower defaulted because it ran out of money and was left with no other choice but to file for bankruptcy protection? How can the architect get paid if the borrower has filed for bankruptcy protection? contracts general' The short answer is that the architect will not get paid.
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Guest Blog – 5 Common Misconceptions About Surety Bonds
Construction Law Monitor
APRIL 15, 2015
The bond price is usually somewhere between 1% and 3% of the contract sum. In most cases, the obligee on the contract, the owner of the project, reimburses the bond price with the first payment towards the contractor. A recent case of this is the bankruptcy of the 105-year-old company Truland Group Inc. Washington, D.C.’s
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The experts have spoken: We can and should be optimistic despite COVID-19
Lets Build
MAY 1, 2020
In this case, one must assume that significant and lasting damage to the economic fabric with lots of bankruptcies, corporate debt fall-outs, and so on will have happened.
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Hey Siri, Why Did You Settle That Case Without Me Signing?
Best Practices Construction Law
JUNE 4, 2019
Remember that case where a court found that a string of text messages can form a binding contract ? While the case is certainly interesting and the holding appears to be novel, it appears consistent with traditional contract law principles. FYI…it is one of my top five blog posts ever!)
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3 Avoidable Headaches for Construction Project Managers [Webinar]
Autodesk Construction Cloud
OCTOBER 28, 2021
And you have to do all that within a contracted amount of time with razor-thin profit margins. . This puts GC’s in breach of contract, which can lead to costly rework, lawsuits, late delivery, or all three. When PE’s fail to record necessary requirements, they’re unlikely to do them. Watch the recorded webinar here.
Louisiana Payment Bond Changes: What Material Suppliers Need to Know
Levelset
AUGUST 30, 2024
Here’s how this section reads: Except as provided in Paragraph (2) of this Subsection, nothing in this Part shall be construed to preclude a surety from asserting any defense to the principal obligation that its principal could assert except for lack of capacity or discharge in bankruptcy of the principal obligor.
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Guest Blog – 5 Common Misconceptions About Surety Bonds
Construction Law Monitor
APRIL 15, 2015
The bond price is usually somewhere between 1% and 3% of the contract sum. In most cases, the obligee on the contract, the owner of the project, reimburses the bond price with the first payment towards the contractor. A recent case of this is the bankruptcy of the 105-year-old company Truland Group Inc. Washington, D.C.’s
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Forum Selection Clauses in Construction Subcontracts Require Careful Drafting
Construction Lawyer
JANUARY 30, 2014
or any successor statutes. [¶] Owner [Weisel] and Contractor [Ryan Associates] agree that any dispute which may arise from the performance of this contract shall be subject to resolution pursuant to California law. of the General Contract. of the General Contract, since the vitality of Paragraph 5.3.1
Transforming Construction Payments: Autodesk's Strategic Move with Payapps Acquisition
Autodesk Construction Cloud
FEBRUARY 1, 2024
Late payments and non-payments are, unfortunately, pivotal contributors to declining contractor productivity eventually, in some cases, leading to bankruptcy for many GCs and subcontractors. Industry research supports these sentiments. High compliance risk. Moreover, manual payment processes also increase compliance risk.
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Estimating- The New Normal
Chianelli Estimating
AUGUST 6, 2020
Most likely none of the cost factors now required will have been budgeted for on previously awarded contracts and the list is formable; controlled access to sites, material delivery disruptions, temperature checks, two week quarantine, reduced labor force – both in the field and in the office, material shortages. cost overruns.
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Advise & Consult: Serious, expert legal insights for the construction industry
Construction Marketing Ideas
MARCH 11, 2016
SDI is a two-party contract, between the general contractor and the SDI carrier; the contractor pays the premium to the SDI carrier and the subcontractor pays nothing. My nearly two decades as a lawyer have taught me that surety bonds are really only protection against one risk: Subcontractor bankruptcy.
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48 International Arbitration Experts Discuss The Impact On The Global Economy
Constructlaw
DECEMBER 7, 2020
Reynolds: The COVID-19 pandemic’s impact on the global economy has led to an increase in breach of contract claims, and a parallel rise in novel breach of contract defenses focused on excuses for non-performance. Mealey’s: What, if any, events had an impact on the global economy that have led to increased filings?
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Vaughan Buckley on Restarting a Former Katerra Factory
Pro Builder
JANUARY 3, 2022
We had one particular client that we built for that signed a contract for cabinets with a competing factory in our area. They signed that contract in July, and they were supposed to get their cabinets in September, and then it was October. million and it probably should have been somewhere in between when it was first contracted.
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Brand success = Trust x Recognition
Construction Marketing Ideas
JULY 18, 2015
But it is hard especially at the beginning to ensure your successive hires/contracts are at the level of your original core group (which probably includes you.) A major contractor has grown out of the ashes of a bankruptcy, where several creditors were stiffed. The business has done well in its reincarnation.
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Unique Construction Company Financing Secrets Revealed
Contractor Bookkeeping
AUGUST 6, 2014
Getting back to financing strategies for your contracting Company it will help if you understand the banking version of The Construction Specifications Institute. The RMA and other reports show where your contracting company stands in relation to other contracting companies serving similar geographic and demographic markets.
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Serious And Funny Construction Definitions Contractors Enjoy Reading
Contractor Bookkeeping
JULY 27, 2012
Bad Numbers - Lead to bad decisions / cash shrinks / business unstable / bankruptcy or failure. Bankruptcy - Result of saving money on bookkeeping and making decisions on garbage reports. Tenant Improvement – Bid, award contract, work day and night, pressure, pressure, pressure, done!
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constructionattorneyblog: Waivers of liens: fraud
Construction Lawyer
SEPTEMBER 22, 2005
The cases with which he has been involved are varied and wide-ranging and include personal injury, breach of contract, criminal defense, commercial disputes, and consumer fraud. He has handled all facets of litigation from pleading to motion practice to discovery to trial. Waivers of liens: fraud.
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BUSINESS REPORT: Maryland — SSA’s New Data Hub Moves Forward In Urbana
Buisness Facilities Contributed Content
AUGUST 29, 2013
The SSA awarded the contract to design and build the new data center to Hensel Phelps Construction, a Colorado-based general contractor. The contract’s total cost is about $192 million, according to GSA documents filed online. Bankruptcy Court in Delaware and said it expects the sale to be completed in two to three months.
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What Your Business Credit Report Tells Lenders
Pro Builder
OCTOBER 12, 2022
Your business credit report also provides necessary information about your company, such as your business background, ownership and subsidiaries, financial information, any bankruptcies, risk scores, and banking, trade, and collection history. Lessons Learned From Previous Housing Market Disruptions. What Is a Good Business Credit Score?
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52 Construction Change Order Phobia Increases Stress Reduces Profits
Contractor Bookkeeping
JUNE 18, 2012
The Solution We Presented - Involved using two invoicing methods, one for small projects and another one for larger projects that used QuickBooks and Excel together to report and track: Original Contract Amount. The Contractor - Did eventually file bankruptcy and lost everything including his home and more than I care to discuss here.
Completed Operations: A Contractor’s Guide to Coverage, Cost, & More
Levelset
SEPTEMBER 16, 2022
The coverage kicks in when: The contract has been completed All of the work has been completed The work has been put to its intended use. The work is considered finished when the contract is complete — repairs or maintenance generally don’t affect the completion date. . not in progress).
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52 Scam Artists Are Calling Contractors Claiming To Be From The IRS
Contractor Bookkeeping
OCTOBER 17, 2014
For the reasons outlined above some construction company owners have a nagging concern about when they will be found out and be faced with major fines, penalties and possible bankruptcy and in a few cases prison sentences. These fears go a long way to helping the scammers achieve their goal.
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#67: Paying Your Subcontractor's Employees
NH Construction Law
MAY 28, 2018
The main advantage of such “trust fund” provisions is in bankruptcy; trust funds are not considered assets of the subcontractor/debtor that can be distributed to general creditors. But hey, who ever said that general contracting was risk-free?
A journey through masonry reclad litigation
BD+C
OCTOBER 7, 2024
It was also essential to file suit within the statute of limitations—usually two years from time of owner knowledge for tort claims and two years from breach for contract claims—and/or the applicable time for a statute of repose—which varies from state to state.
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52 Mechanics Lien and Bond Claims Best Practices
Best Practices Construction Law
AUGUST 24, 2012
On state and federal projects, the identity of the bonding company and the general contractor is public information, and you can typically request this directly from the contracting department. It’s very difficult to comply with lien and bond claim requirements on every project, because there are so many layers of complexity.
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Covid-19 and travel: Heathrow boss says social distancing ?impossible? in airports
Construction Test
MAY 19, 2020
Many carriers face bankruptcy or nationalisation if the industry can’t get back to normal before a vaccine arrives, Holland-Kaye said, adding that the airport’s shareholders are burning through 200 million pounds a month ($250 million) at present. ” Heathrow Airport. Photo: iStock.
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Seventh Circuit examines "pay-if-paid" provision
Construction Lawyer
JULY 20, 2012
The cases with which he has been involved are varied and wide-ranging and include personal injury, breach of contract, criminal defense, commercial disputes, and consumer fraud. Fidelity had issued a payment bond, but Fidelity refused to pay after the owner declared bankruptcy, and BMD sued Fidelity.
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Can We Make Home Building a Little Less ‘Interesting?’
Pro Builder
JULY 26, 2021
Are your suppliers and trades on board with 100% complete contracts and scopes of work? Some might cite the recently announced bankruptcy of high-tech building company Katerra as just one more sad story in this long, disappointing history, having blown through $2.4 Secure your trade base. billion in investor money.
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Stop Bookkeeper Embezzlement In Your Construction Company
Contractor Bookkeeping
OCTOBER 3, 2014
Being Ripped-Off And Driven Into Bankruptcy! This is, always has been and will continue to be a major headache and in some cases the direct cause for construction company owners to file business and personal bankruptcy. An Alarming Number Of Construction Company Owners Are. That sounds harsh but it is true! For the full article [link].
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constructionattorneyblog: New York court holds that contractor.
Construction Lawyer
APRIL 30, 2012
The cases with which he has been involved are varied and wide-ranging and include personal injury, breach of contract, criminal defense, commercial disputes, and consumer fraud. Chapeau filed bankruptcy. He has handled all facets of litigation from pleading to motion practice to discovery to trial.
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Cover Story: 2014 Business Facilities – Metro And Global Rankings
Business Facilities
AUGUST 1, 2014
Yes, we know that Detroit became the largest city in history to file for bankruptcy protection, a process the city is expected to emerge from this year. Cerberus, an equity player who had acquired a majority stake in Chrysler from German auto giant Daimler-Benz in 2007, went into bankruptcy in 2009. Getting Ready for the Big Ships.
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How to Start a Painting Business: 9 Keys to Growth & Success
Levelset
JULY 19, 2022
If you start growing without proper financial management, you will quickly find your company out of cash and in bankruptcy court. In addition to property rules, painter’s licensing requirements , and other laws, you also need to be able to read and understand your construction contract thoroughly. On-demand legal help you can afford.
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How to Start a Plumbing Business: 9 Tips for Growth
Levelset
JULY 18, 2022
If you start growing without proper financial management, you will quickly find your company out of cash and in bankruptcy court. In addition to property rules, plumber’s licensing requirements , and other laws, you also need to be able to read and understand your construction contract thoroughly. On-demand legal help you can afford.
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How to Start an Electrical Business: 9 Tips for Growth
Levelset
JULY 15, 2022
If you start growing without proper financial management, you will quickly find your company out of cash and in bankruptcy court. In addition to property rules, electrician’s licensing requirements , and other laws, you also need to be able to read and understand your construction contract thoroughly. Learn more.
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