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Contractor Management and Prequalification: Why Are They Necessary?

Safety Services Company

For contractors, these come in the form of a process known as prequalification and contractor management. What is Contractor Management? Contractor management is a series of checks ensuring that the contractors follow up-to-date safety practices and conform to health and regulatory standards.

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What Contractors Need to Know About Surety Bonds

Construction Marketing

If you want to be a contractor, being licensed and bonded will have a major impact on your ability to work in the city and state where you live and work. Many state and local governments require that contractors who perform work above a threshold amount obtain licenses. What Are Surety Bonds? Bond Types.

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#116:  Termination as a Condition of Performance Bond Liability

NH Construction Law

This can put the obligee, whether an owner holding its general contractor’s performance bond or a general contractor holding its subcontractor’s performance bond, in a difficult spot. In Arch Insurance Co. Graphic Builders LLC , 36 F.4th 4th 12 (1st Cir. ” Id. ” Id. million,” id.

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Why It’s Time for Contractors to Adopt Collaborative BIM

Viewpoint Construction Technology

Many contractors have been using this 3D design method for years now to improve collaboration, often with impressive results for efficiency and ROI. The ConTech Report points out that one day soon BIM might not be optional for contractors in the United States. It also reduces liability by enabling more accurate planning and management.

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

Construction Business Owner

It is time for contractors to get serious about the new accounting lease standard. It is time for contractors to get serious about the FASB ASU 2016?02 Going forward there will be a long-term asset offset by a current liability and a long-term liability. The Impact of ASC 842 – The New Lease Standard Is Here.

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What Is a Certificate of Insurance (COI) for Contractors — and When Do You Need One?

Levelset

To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. Aside from owners and GCs, a government entity may want to see proof of liability insurance.

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Contractors – What you need to know about Job Order Contracting

Job Order Contracting

What Construction Contractors Need to Know About JOB ORDER CONTRACTING, Cooperatives, and Best Management Practices. As a construction contractor considering a Job Order Contract (JOC), it is critical to be aware that all JOCs are not the same. Carefully review all of the Job Order Contract and all associated documents.

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