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7 Things Contractors Need to Know About Retainage

Fieldwire

Retainage is up for negotiation Retainage is not set in stone. It is governed by the contract, which means it’s part of the agreement between two parties. Every contract is negotiable, including what percentage is retained and for how long. Mechanics lien laws have specific deadlines that contractors must follow.

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The Bird Box Dilemma: When False Pay Apps and Lien Waivers Are Not Fraudulent Inducement

Best Practices Construction Law

Under Massachusetts law (like most states), in order to prevail on a claim for fraudulent inducement, a plaintiff must allege a false representation, material to the negotiations, upon which the plaintiff reasonably relied in entering into an agreement with the defendant.

Lien 71
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Assignment of Benefits for Contractors: Pros & Cons of Accepting an AOB

Levelset

An assignment of benefits , or AOB, is an agreement to transfer insurance claim rights to a third party. It gives the assignee authority to file and negotiate a claim directly with the insurance company, without involvement from the property owner. The AOB agreements need to be in writing. What is an assignment of benefits?

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#122:  Construction Loan Disbursement Pitfalls

NH Construction Law

If the Seymour case shuts out a claim against the bank, do owner/borrowers have a legal claim against the inspector, with whom they have no contract? All such contractual solutions depend on the leverage possessed by and the negotiation savvy of the parties to these arrangements. That puts the owner/borrower in a pickle.

Banking 40
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Digital Builder Podcast Ep 22: How Specialty Contractors Can Navigate Contracts & Get Paid On Time

Autodesk Construction Cloud

For this reason, construction professionals must find better ways to craft and negotiate agreements. Karalynn also emphasizes the importance of negotiating who takes on certain risks and liabilities. First, there’s the prime contract, which is the agreement that sets the terms between the owner and GC.

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A Contractor’s Guide to Homeowner’s Insurance: Is Your Project Covered?

Levelset

Insuring agreement. Regardless of the policy, the Insuring Agreement is the section that will outline all the insurance company’s responsibilities after a weather event or other covered peril causes damage to a roof or exterior siding, as examples. The Insuring Agreement will give you a detailed list of covered perils.

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A Contractor’s Guide to Homeowner’s Insurance: Is Your Project Covered?

Levelset

Insuring agreement. Regardless of the policy, the Insuring Agreement is the section that will outline all the insurance company’s responsibilities after a weather event or other covered peril causes damage to a roof or exterior siding, as examples. The Insuring Agreement will give you a detailed list of covered perils.