Best Practices Construction Law

MAY 18, 2018

Safe projects are more likely to be profitable projects due to lack of delays and prevention of claims for jobsite injuries. For employers, criminal liability for job site construction accidents is more and more a concern. In addition, time is money in this business.

Accidents 48

Accidents Liability Safety Florida 48

Safety Services Company

SEPTEMBER 24, 2017

Safety must be the foundation of every activity in your organization, because not only is it the keystone of productivity and profitability, but a responsibility for which you are expressly liable. Keep in mind that many liability lawsuits have arisen from negligence occurring after training; formal initial training is not enough.

Liability 48

Liability Safety Employment OSHA 48

Building Radar

NOVEMBER 18, 2024

The construction industry is complex, with various costs that influence project profitability. Understanding burden rates is essential for construction companies to accurately estimate costs and ensure projects remain profitable what is burden rate. One of the critical factors in determining project expenses is the burden rate.

Construction 52

Construction Insurance Profitability Bidding 52

Construction Marketing

FEBRUARY 11, 2021

Insurance, liability, and workers’ compensation . When this happens, it’s vital to save profit from busy seasons to pay the expenses for the off-season. . Limited liability company (LLC) . Start with General Liability Insurance and the Workers’ Compensation Insurance. . Roofing equipment and materials.

Insurance 295

Insurance Liability Legal Compensation 295

Construction Enquirer

JUNE 27, 2023

An update on the administration filed at Companies House said the firm was sunk by a combination of rising materials costs, project delays and defect liability claims. Latest results for the firm for the year to March 31 2022 show a pre-tax profit of £790,000 from a turnover of £43.5m with 31 staff working at the company.

Debt 72

Debt Liability Negotiation Forecasting 72

Construction Enquirer

MAY 23, 2023

Management accounts to December 31 2021 showed a turnover of £17m generating a net profit of £177,000. MEC specialised in small to medium projects within the M25 across heritage, residential, commercial, healthcare and schools sectors with revenue peaking at around £23m before covid.

Debt 79

Debt Leases Liability Profitability 79

Pro Builder

NOVEMBER 23, 2021

The new law ends a tax liability for builders installing new water or sewer infrastructure to support additional housing in areas served by a corporate, for-profit water utility. In some states, affected utilities were required to pass this tax liability to the developer, resulting in CIAC surcharges as high as 40%.

NAHB 52

NAHB Infrastructure Sewer Liability 52

Contractor Bookkeeping

SEPTEMBER 29, 2017

General Liability Insurance Provider. Who wants details about your business? Internal Revenue Service. State Revenue Agencies. State Payroll Agencies. Other State Agencies. Worker’s Compensation Provider.

Profitability 53

Profitability Contractors Compensation Liability 53

Green Building Law Update

FEBRUARY 13, 2022

And maybe of greatest import, these new laws provide a map and compass for businesses believing that profit should come not from creating the world’s problems, but from solving them. Two separate regulations were “laid before Parliament by Command of Her Majesty and approved by a resolution of each House of Parliament”.

Regulation 194

Regulation Risk Sustainability Management 194

Green Building Law Update

DECEMBER 27, 2020

In descending order these are the posts that had the most traffic: COVID-19 Liability for Building Owners. The environment is a profit center for many of our clients and has been so, even in this year impacted by the pandemic. COVID–19 in Buildings is all about Ventilation. HREC in a Phase l is Not a Recognized Environmental Condition.

Maryland 156

Maryland Green Profitability US 156

PSMJ Resources

MARCH 31, 2014

Fees must adequately cover training, professional development, ample profit, and future liability. Design professionals must close the gap between their fees and those of other professionals. Ramsey Fayad described true value pricing this way: The concept of value pricing is relatively simple.

Profitability 52

Profitability CAD Liability Negotiation 52

Safety Services Company

DECEMBER 1, 2023

Rigorous oversight, extensive use of Personal Protective Equipment (PPE), and investment in safety and compliance training drive Bob’s profits well above industry averages. With growing scrutiny on job site dangers and liability concerns, prioritizing safety is crucial in sustaining a competitive edge. Let’s look at why that is.

Safety 107

Safety Bidding Contract Liability 107

Job Order Contracting

AUGUST 31, 2021

The over-riding goal of most contractor becomes minimizing the cost of performing the agreed scope or activity and maximizing profit. When things inevitably go wrong, the participant’s financial interests are often served by blaming others and defending contractual positions, rather than working collaboratively to overcome the problem.

Construction 124

Construction Procurement Liability Contract 124

Green Building Law Update

APRIL 4, 2021

Green buildings are less risky, more profitable, with higher appraised value than conventional buildings that results in higher company creditworthiness, measuring the reduced likelihood of it defaulting on its debt, but today, green building does not receive a commensurate lower interest rate on its debt.

Green 293

Green Debt Security Commercial 293

Job Order Contracting

JANUARY 10, 2017

Make certain that the roles, responsibilities, tools, requirements and liabilities associated with the JOC are specified. Will you earn a reasonable profit? As a construction contractor considering a Job Order Contract (JOC), it is critical to be aware that all JOCs are not the same.

Contract 100

Contract Contractors Liability Bidding 100

Pro Builder

AUGUST 3, 2021

Congress eliminated this exemption as part of the Tax Cuts and Jobs Act in 2018, making contributions to water and sewer infrastructure taxable if the utility is privately owned and for profit. In some states, affected utilities were required to pass this tax liability to the developer, resulting in CIAC surcharges as high as 40%.

Sewer 52

Sewer Infrastructure NAHB Alaska 52

PSMJ Resources

JULY 10, 2013

Most clients are demanding more work for lower fees, and firms that do not reexamine the terms of their contracts usually find themselves without enough income to break even, let alone make a profit. With private sector clients, it can dramatically increase profits. Get partial or full payment of fees before starting.

Profitability 43

Profitability Contract Negotiation Debt 43

Construction Marketing

JUNE 14, 2022

It also ensures you’re not spending money on hospital bills, treating injured workers, and legal liabilities. . It also helps enhance the overall productivity of your firm, resulting in increased profits. Doing so promotes workers’ health and can increase your firm’s overall productivity.

Safety 336

Safety Site Construction Inspections 336

Contractor Bookkeeping

JUNE 12, 2013

Contractors That Do Not Earn Large Profits see contractors bookkeeping services as overhead which leads to the following profit drains: They get a cheap computer, tiny monitor, garbage printer, tiny desk and broken down chair that even the dog would not sit in and tell the bookkeeper this is all the company can afford.

Profitability 48

Profitability Contractors Accounting Estimating 48

Contractor Bookkeeping

AUGUST 1, 2012

Reviewing QuickBooks Profit And Loss Reports - From our construction accounting clients reminded me of something I learned in my own construction businesses a long time ago. Change is not always easy but it’s necessary to grow a healthy and profitable construction business.

Profitability 54

Profitability Accounting Construction Overhead 54

Construction Marketing

SEPTEMBER 24, 2015

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. Insurance is perhaps the most important thing to arrange before starting a construction company.

Documentation 120

Documentation Insurance Legal Liability 120

Contractor Bookkeeping

MAY 5, 2014

The Balance Sheet is the summary report which shows all of the assets minus the liabilities which equals the "Book Value" or owner''s equity. Owner’s equity is in theory what would be left over if you liquidated the company, sold the assets and paid all of the debts or liabilities.

Cash Flow 48

Cash Flow Agreement Profitability Contractors 48

Levelset

AUGUST 26, 2022

At the core, you have property coverage for your tools and equipment, along with a liability component that protects your financial assets in case there’s a work-related accident or injury that you may have some responsibility for. . It’s prudent to look back and realize that potential liability doesn’t end when the project is completed.

Insurance 52

Insurance Liability Equipment Agreement 52

Mr Ethics

JUNE 19, 2015

Dear Mr. Ethics, My partners are telling me we should be forming limited liability corporations for every project we do. This is often done to allow the LLC to draw off the profits from the project and then leaving the remaining parties to fund the project and claims that will arise. They tell me that these “L.L.C.’s” for the project.

Legal 100

Legal Liability Drawings Claims 100

Mr Ethics

JUNE 19, 2015

Dear Mr. Ethics, My partners are telling me we should be forming limited liability corporations for every project we do. This is often done to allow the LLC to draw off the profits from the project and then leaving the remaining parties to fund the project and claims that will arise. They tell me that these “L.L.C.’s” for the project.

Legal 100

Legal Liability Drawings Claims 100

Mr Ethics

JUNE 19, 2015

Dear Mr. Ethics, My partners are telling me we should be forming limited liability corporations for every project we do. This is often done to allow the LLC to draw off the profits from the project and then leaving the remaining parties to fund the project and claims that will arise. They tell me that these “L.L.C.’s” for the project.

Legal 100

Legal Liability Drawings Claims 100

Autodesk Construction Cloud

SEPTEMBER 1, 2022

Knowing which contract to use when is critical to ensuring a successful outcome in delivery, customer satisfaction, and profit. Knowing which general construction contract to use and when to use one is vital to a successful project, your customers’ satisfaction, and your profits. Plus, you know you’ll incur a profit.

Contract 98

Contract Maine Construction Agreement 98

PSMJ Resources

JUNE 10, 2014

Every firm has its fee floor for profitability. Below this limit, the firm, by its nature, cannot produce profits, as it will automatically invest too many resources. Professional Liability Risk. Asbestos connected, hazardous waste, rehab and condominium projects may all carry high liability potential.

Liability 62

Liability Risk Profitability Organization 62

Autodesk Construction Cloud

JANUARY 19, 2022

The real problem is that poor cash flow management can be disastrous…impacting your project schedules, profitability, and relationships. Choose projects with profitable estimates. You may compartmentalize profit so you say to yourself, “Sure, Project B is less profitable, but Project A is doing great so we’re still good.”

Cash Flow 59

Cash Flow Management Profitability Change Orders 59

Contractor Bookkeeping

JUNE 21, 2012

Its Been Said: "The value of services rapidly diminish after the services have been performed" which is why highly profitable companies like McDonalds gets your money before they deliver your meal. Compare the success and profitability of a McDonalds franchise to most restaurants.

Profitability 48

Profitability Contractors Banking Change Orders 48

Levelset

OCTOBER 20, 2022

A series of small mishaps like these could put a dent in your profit margins from year to year. You pay pennies on the dollar for coverage that could range into the millions for general liability (GL) insurance, for example. General liability may help pay for the cost of repair. . Protecting your property.

Insurance 52

Insurance Liability Electrical Accidents 52

Lets Build

DECEMBER 2, 2022

That gives your firm the fiscal strength and confidence to pitch positively for future work, without overruns or remediation eating into profit margins at this time of unexpectedly high inflation. It also demonstrates a high level of competence, which will be appealing to past and prospective clients alike. Creating a plan.

Management 156

Management Construction Risk Cash Flow 156

Contractor Magazine

MARCH 18, 2014

This evolved from a question that was posed by contractors on a message board regarding the difference between profits and cash. It’s the financial statement that summarizes the company’s assets, liabilities and equity at any moment in time. Now, let’s go back and take a detailed look at the balance sheet as previously promised.

Cash Flow 51

Cash Flow Accounting Contractors Equity 51

Green Building Law Update

MAY 21, 2017

The solar lease, as well as any power purchase agreement need to be considered in light of federal and state law (including tax laws) that stimulate new possibilities including create profit. There can be real legal jeopardy and significant dollar liability for those failing to address the issues associated with solar panels.

Leases 232

Leases Housing Agreement Residential 232

Chianelli Estimating

AUGUST 6, 2020

General Condition costs along with indirect costs tend to be much smaller but they are still a reality of doing business and a real profit killer; particularly when not accounted for. Indirect costs can come in various ways and can add up in a hurry vastly cutting into profit. Insurances; Workers compensation, General Liability, Risk.

Estimating 60

Estimating Residential Insurance Commercial 60

Levelset

JUNE 6, 2022

It can significantly impact the financial standing of contractors, especially when working on projects with a small profit margin. Both retention accounts are shown as current assets and current liabilities, respectively. Plus, not recording retention payable leads to the understating of a company’s liabilities. Fariba Mehdian.

Accounting 98

Accounting ABC Banking Liability 98

Construction Marketing

NOVEMBER 25, 2014

Paper forms decrease worker productivity, increase risk/liability, and decrease operational efficiency. Using paper forms and manual processes for safety inspections can increase your firm’s liability risks and cost hundreds of hours of employee time tracking site safety rather than actually ensuring it. Work Orders. Customer Invoices.

Mobility 232

Mobility Inspections Construction Safety 232