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Weisel, a California resident hired Ryan, a California corporation, to be the general contractor for a residence in Hawaii. Ryan, in turn, subcontracted part of the work to Welch, a Hawaii corporation. Nor does the subcontract contain anything like Paragraph 24.3.3 Dist, Sept. Ryan then filed a cross-complaint against Welch.
SDI is obtained by the general contractor to protect it from subcontractor defaults—much like a performance bond or other guaranty. While the definition of a default depends on the terms of the SDI policy, it is solely based on a failure to fulfill the terms of a covered subcontract.
Like many states, New Hampshire law requires that if a subcontractor doesn’t pay wages to its employees, the general contractor must pay them. 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.
A lot of contractors would like to subcontract out their bookkeeping services and the two main reasons they don''t is fear of losing control and cost. Click the button below to get right to the Frequently Asked Questions About Outsourced Contractors Bookkeeping Services. Innovation Or Bankruptcy. & P.A.M.".
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.
He is a partner in the law firm of Sabo & Zahn, concentrating in construction law and representing owners, contractors, architects, developers, engineers and other parties in the construction process. In BMD Contractors v. 3d 643 (May 11, 2012, amended July 13, 2012), the owner became insolvent and unable to pay the general contractor.
An incentive for housing development may also be available to developers and contractors building or rehabilitating housing in an established enterprise zone. Qualifying defense contractors. The goal of the program is to revitalize these areas and make them competitive with other locations throughout the state.
QUALIFIED DEFENSE AND SPACE CONTRACTOR TAX REFUND (QDSC): Florida defense, homeland security and space business contractors are given a competitive edge in consolidating contracts or subcontracts, acquiring new contracts or converting contracts to commercial production. Qualifying defense contractors.
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