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8 essential steps for effective project cost estimation and budgeting

Fieldwire

To say that winning bids is the key to success in construction is a half-truth. Subcontractors getting awarded a contract spells financial disaster if the bid is too high to be competitive or too low to be profitable. Bidding on projects you have yet to gain experience in can broaden your horizons.

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The pros and cons of becoming a subcontractor

Fieldwire

If you decide to start your own subcontracting business, you’ll be able to reap many of the most significant benefits of working as a general contractor — like greater flexibility in job hours and scheduling. You’ll need to purchase your own health insurance and you won’t receive paid sick or vacation days. Schedule a Demo

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Provide Notice (and 10 Other Tasks) When Pursuing a Construction Claim

Best Practices Construction Law

Generally, you have to make sure that you comply with the contract or insurance provisions by: (1) giving written notice of the claim; (2) to the correct party; (3) within the time required; and (4) identifying the event giving rise to the claim. Analyze the schedule. Identify issues and establish a roadmap.

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Preconstruction Meeting: A Quick Guide to Success   

Autodesk Construction Cloud

This is a chance for everyone to get to know key stakeholders, breaking down siloes between procurement and legal, scheduling and management, and so forth. Construction schedule Discuss with the contractor any required start or completion dates that might be specified in the construction contract.

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Essential Construction KPIs to Improve Profits and Productivity

Autodesk Construction Cloud

Beyond that, safety incidents can mean higher insurance payments. Therefore, keeping a thumb on quality metrics is a surefire way to keep on budget and schedule. So, the quantification of KPIs helps construction companies more accurately predict costs and schedules for future projects. Number of defects due to workmanship.

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Unique Tips To Reduce Construction Company Start Up Stress

Contractor Bookkeeping

We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Insurance - Is critical to your construction company. Talk to an insurance agent that understands construction about your insurance needs.

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Common Types of Construction Contracts And Their Use

cnstrctr

In the event that the overall project over runs the budget the owner is responsible. In the event the project over-runs the budget the contractor is responsible. The owner performs a detailed analysis on the bids verifying that the proposals meet the requirements of the project and awards based on that.