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What Contractors Need to Know About Surety Bonds

Construction Marketing

Surety bonds are financial guarantees that are issued to ensure the individual or company who obtains the bond will perform work in a legally compliant manner and will avoid fraud and misconduct. Surety – The bonding company that guarantees the principal’s ethical operations and legal compliance by issuing the bond.

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How to Avoid Disputes in Construction

Construction Marketing

What follows next is a fierce legal battle that puts both the contractor and the investor on the losing end. Having a gentleman’s agreement is the worst mistake you could ever make. Since putting up a house or a facility is an expensive affair, you risk losing huge amounts of money in case the structure doesn’t meet your needs.

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Better Manage Construction Costs Schedules and Quality

Job Order Contracting

The errors and poor processes result in change orders, project delays, and legal disputes. It is defined within and Lean environment government by a long-term multi-party agreement and associated written Operations Manual / Execution Guide. 10% are due to equipment and/or materials delays, most off which could have been foreseen.

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4 No-Brainer Workflows with Autodesk Construction Cloud Connect 

Autodesk Construction Cloud

Fortunately, you can overcome these hurdles by using ACC Connect to sync drawings, field reports, and documents in the cloud. And since the information stays in sync, teams know that they can get the documents and information they need in the application they use most. . 2: Project Management. 4: Performance Tracking.

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Navigating challenges in construction administration

BD+C

This enables them to identify potential modifications prior to the finalization of documents. Navigating Complex Owner-Contractor Relationships It is always pertinent to follow the guidelines set forth in the contract, but when the owner and contractor are the same legal entity, it becomes even more crucial to understand the contract.

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Selling Your Home Building Company? Here's What to Expect

Pro Builder

Each community and asset in your portfolio requires diligence, legal paperwork, and closing documents. Providing potential buyers with a complete understanding of the opportunities, risks, and upsides for each community in your portfolio pays off in the long run. In this sense, the seller controls the timeline.

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#118:  Letters of Intent Forming Enforceable Contracts

NH Construction Law

Depending on the wording of the notice, a contract may well be enforceable between the parties even if the contemplated formal document is never signed. The usual legal requirements for a valid contract – offer, acceptance and consideration – can all be present in this type of LOI. Khoury , 170 N.H. ” Id. ” Id.