PCL sues JPMorgan Chase over $30M in unpaid work on American Dream mall
Construction Dive
JUNE 26, 2023
The Denver-based contractor claims the bank is on the hook for the money since it acted as agent for a construction loan on the troubled project.
PCL Sues Big Bank for $30M in Claimed NJ Mall Unpaid Work
ENR Construction
JUNE 25, 2023
million-sq-ft American Dream retail-entertainment venue seeks funds for unpaid invoices and interest.from lead lender JP Morgan Chase, as agent for financially struggling project developer.
Banking 
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Gru Was Wrong About the Money: Court Concludes that Lender Owes Contractor “Contractually, Factually and Practically”
Best Practices Construction Law
JULY 10, 2022
I love Gru so much that when my children ask for money, my best Gru-like voice belts back: “ Now, I know there have been some rumors going around that the bank is no longer funding us….In Crown Bank , CA No. In terms of money, we have no money.” in BCD Associates., N15c-11-062 (Super. N15c-11-062 (Super. Lessons learned.
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#122: Construction Loan Disbursement Pitfalls
NH Construction Law
FEBRUARY 25, 2023
A common feature of residential construction loans is the requirement for periodic inspections of the progress of work, usually by an independent inspection company hired by the bank, before disbursements are made. New Hampshire Savings Bank , 131 N.H. Nor does a negligence claim against the inspector appear promising.
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Zero Waste in an Era of Net Zero Everything
Green Building Law Update
FEBRUARY 26, 2022
Despite that the Zero Waste movement peaked in about 1998, in the modern context of Net Zero from Net Zero Energy to Net Zero Carbon, we are today with surprising frequency asked about a business being able to claim it is Zero Waste. No company should claim to be Zero Waste. There is a lot of waste out there. But it is not easy.
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If banks were truly running the global AEC, all construction sites would be paperless by now!
DebunkTheBIM
DECEMBER 18, 2014
Banks generally like to keep a close relationship with the AEC industry. Apart from small scale works and cash-jobs here and there, anything to do with creating buildings in large parts of the world involves banks as financiers or partners. Paper as a medium rules the AEC while the banks have all but banned it from their processes.
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Construction Law: December 2023
Construction Law
DECEMBER 5, 2023
The programme, called CRUX, is based on expert diagnosis of claims and disputes. Claims Building a case by extrapolation – should failure be the default? Presenting and proving a case before a tribunal on the basis of a sample should not be seen as novel, suspicious, or as requiring a special elevated standard of proof, he argues.
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NY Appellate Court Reaffirms Pay-When-Paid Provisions Are Void as Against Public Policy
Constructlaw
JULY 14, 2022
Bank of America, N.A. In January 2015, Sweet notified its subcontractors, including Arenson, of “the payment process” for the Project, noting that “all subs are being paid directly from the bank, but will be distributed by [Sweet].” Subcontractors were to submit payment requisitions to Sweet, which would submit them to bank.
How Will XL and BMO Harris Bank Cover Truland Losses?
ENR Construction
OCTOBER 29, 2014
Lawyers for the surety and the Trulands debate whether Robert Truland’s retirement accounts can be tapped to cover claims. Business Management'
Banking 54
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Scam Artists Are Calling Contractors Claiming To Be From The IRS
Contractor Bookkeeping
OCTOBER 17, 2014
Scammers are calling all kinds of people and business owners claiming to be from the IRS. It is no secret that contractors are in an industry with a lot of cash transactions and sometimes they get busy and forget to deposit the money in the bank and properly account for it inside their contractors bookkeeping services system.
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Restoration: How to Manage Cash Flow While Waiting for an Insurance Check
Levelset
MARCH 21, 2022
Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet. No more waiting for payment.
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CW: Report Claims Caltrans Ignored Bridge Safety Issues | ENR.
ENR Construction
AUGUST 6, 2012
Banking & Credit Crisis. CW: Report Claims Caltrans Ignored Bridge Safety Issues. Description: CB&I offers $3 billion to buy Shaw; newspaper claims Caltrans ignored safety issues on Bay Bridge. Gulf Oil Spill. Building Types. Construction Methods. Sustainability. Haiti Reconstruction. Economic Stimulus. Safety & Health.
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ESG is Not Just for Public Companies
Green Building Law Update
NOVEMBER 14, 2021
Smaller businesses, without a deep bench of internal ESG expertise need to be particularly cautious of greenwashing in ESG claims. banking industry is signaling its willingness to consider ESG when underwriting lending. Many find engaging an attorney with sustainability expertise is a good way to mitigate ESG associated risk.
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Does a Lien Affect Your Credit Score?
Levelset
JULY 5, 2022
There are several different types of property liens , which are legal claims against the property held by a debtor. In contrast, a mortgage is a voluntary lien , because you sign papers giving the bank a lien on your property until you pay off the balance and interest. Preventing mechanics lien claims. What is a lien?
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Construction workers kidnapped and robbed of £77,000
Construction Enquirer
JUNE 13, 2023
In mid-June 2021, the victims – who work for a London-based construction company – were contacted by someone claiming to be “Lee Kennedy”. He was handed back his phone while Hitchings watched him transfer £77,000 over to another bank account.
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Completed Operations: A Contractor’s Guide to Coverage, Cost, & More
Levelset
SEPTEMBER 16, 2022
The statute of repose cuts off the right to make a claim or sue a contractor after a certain length of time. Examples of completed operations claims. Completed operations coverage provides legal defense of the claim, which is found to be not of merit. Deck collapse. A contractor builds a deck for a homeowner. Coverage limits.
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What Is a Certificate of Insurance (COI) for Contractors — and When Do You Need One?
Levelset
OCTOBER 13, 2022
A COI may include a waiver of subrogation endorsement that basically asks your insurance company to pay an insurance claim, while giving up the ability to recover (or subrogate) damages from the party that actually caused the problem. You may secure funding for equipment through a bank or other lender. How long should I keep my COI?
Insurance 52
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#106: Construction Mortgage Priority and Direct Payments to Subs/Suppliers
NH Construction Law
OCTOBER 30, 2021
toward payment of invoices from or claims due subcontractors and suppliers of materials or labor for the work on the mortgaged premises.” Shawmut Bank , 139 N.H. Essex Broadway Savings Bank , 117 N.H. ” The statute does not explicitly state that such disbursements must go directly to subs and suppliers. ” Id.
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Creditors: Truland Group Owner Owes Us $30 Million
ENR Construction
OCTOBER 22, 2014
BMO Harris Bank makes the biggest claim against the bankrupt electrical subcontractor, which filed a list of biggest creditors for the first time since shutting down July 31. Business Management'
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Phase l Assessments for Tenants are the Hottest Environmental Issue in 2020
Green Building Law Update
JANUARY 19, 2020
In 2020, an increasingly large number of prospective tenants, from commercial banks to sports apparel retailers and the defense industry are actively seeking protection for existing contamination before signing leases. Such is a dramatically large issue with the economic contribution of real estate to the U.S.
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156 Owners Can Get Cake and Icing Under New Tennessee Lien Law
Best Practices Construction Law
SEPTEMBER 13, 2018
The banking industry was able to get a carve-out because the above remedies do not apply “if the action was brought to challenge a lien that is based on a loan agreement for which the encumbered property was listed as collateral to secure the repayment of the loan.” 4) Any actual damages incurred by the owner.
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HUD Jumpstarts PACE Financing for Homes
Green Building Law Update
JULY 24, 2016
The concept is not new, but nationally, residential PACE programs generally have been put on hold or foregone as a result of concerns of HUD and the Federal Home Loan Banks, that issued a directive in February 2011 to refrain from purchasing mortgage loans secured by properties with outstanding first lien PACE obligations.
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Build Beyond Zero
Natural Building
JULY 26, 2022
There are many builders who claim to be aiming for some definition of “net zero.” In Build Beyond Zero: New Ideas for Carbon-Smart Architecture, they claim that our buildings should actually help repair the climate. Instead, we put it away– bank it somewhere safe until we get our fossil fuel emissions under control.
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How to keep airports functional during construction
BD+C
JANUARY 15, 2024
To implement our redesign of Tampa International Airport’s baggage claim, construction was carefully planned to maintain a pleasant customer experiences at all stages of implementation. This will keep the entire baggage claim in operation during the construction period. But Tampa shows us a better way.
Airports 52
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4 Factors Underwriters Consider When Issuing a Construction Bond
Levelset
AUGUST 16, 2022
The surety is also likely to explore a contractor’s payment history on past projects — an inability to make on-time payments to subcontractors and suppliers can increase the risk of mechanics liens or bond claims. . Sureties calculate working capital more conservatively than other credit providers or banks. Learn More.
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I Just Read my 1000th Phase I Environmental Site Assessment this Year
Green Building Law Update
AUGUST 30, 2020
In 2020, an increasingly large number of prospective tenants, from commercial banks to sports apparel retailers and the defense industry are actively seeking protection from existing contamination before signing leases. Such is a dramatically large issue with the economic contribution of real estate to the U.S.
Site 156
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It’s All a Matter of [Statutory] Construction: Supreme Court Narrowly Interprets the Good Faith Dispute Exception to Prompt Payment Requirements in United Riggers & Erectors, Inc. v. Coast Iron & Steel Co.
Construction and Infrastructure Law
MAY 16, 2018
Instead, the parties’ disagreement concerned United Riggers’ demand for additional monies it claimed it was owed for the increased expenses it incurred as a result of Coast’s mismanagement of the project. Contract Code § 7107(e), and holding any bona fide dispute can justify withholding retention payment), with East West Bank v.
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Construction Lead Services: Dodge vs. Reed
Construction Marketing
JULY 24, 2014
The companies gather this information by employing phone banks of researchers who call their sources to get updates on projects, secure plans, and identify new projects coming down the pipeline. RCD claims to have a stronger group of reporters on private projects. Entry fee for the service comes in at $110 per month.
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Unique Tips To Reduce Construction Company Start Up Stress
Contractor Bookkeeping
JUNE 20, 2014
Go To Your Bank - And they offer you a line of credit. 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. Bank Accounts - Set up two bank accounts in your company name. You say O.K.
Insurance 48
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Rogue on the Run
Business Facilities
AUGUST 2, 2012
will assure the House Banking Committee that no new regulation is needed. In December, a $4-billion shortfall will be discovered in funds set aside by major investment banks for annual bonuses. to siphon billions from the international banking system. ” R.A. to infect critical databases throughout the financial sector.
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New Contractor Business Start Up
Contractor Bookkeeping
JUNE 15, 2012
Go To Your Bank - And they offer you a line of credit. 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. Bank Accounts - Set up two bank accounts in your company name. You say O.K.
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Housing’s Great Rethink: Workforce Development Takes Center Stage
Pro Builder
DECEMBER 7, 2022
To counter such claims and reclaim construction’s place as a viable, valuable long-term employment option, a growing number of builders, trade groups, and affiliated workforce entities have taken aggressive steps to at least put themselves in the running for workers seeking greener pastures than the hospitality, retail, and food service industries.
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constructionattorneyblog: ILLINOIS APPELLATE COURT DEEMS.
Construction Lawyer
OCTOBER 6, 2012
The Illinois First District Appellate Court recently issued its opinion in the case of Bank of New York v. Jurado , which involved competing lien claims. The plaintiff bank filed suit to foreclose on a mortgage. The bank defaulted RBM after serving its registered agent.
Illinois 40
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BIM by numbers
DebunkTheBIM
SEPTEMBER 30, 2011
These claims I make based on the (previously mentioned in this blog) product demonstration I had the pleasure of attending recently. As well as dropping the initially very promising 5D viewer, Vico has gone away from pushing the concept of “recipes”. While the first one saddens me, the second move is good.
BIM 54
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We Reduce Construction Company Start Up Stress
Contractor Bookkeeping
JANUARY 2, 2015
Did You Go To Your Bank - And they offered to give you a line of credit. Get Organized - We strongly recommend a Subchapter S-Corp for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Bank Accounts - Set up two bank accounts in your company name.
Construction 48
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(Still) Waiting for the Home Building Technology Revolution
Pro Builder
NOVEMBER 30, 2020
Claims about how new and impressive technologies will revolutionize product and process in home building are nothing new. Good as gold,” is how he described the schedule, adding, “If they say the house is ready, you can take it to the bank. Or so go the claims. . If, as I claim, the technology is good, then what’s the problem?
Schedule 91
91 Bad news for the AEC industry
PSMJ Resources
DECEMBER 7, 2009
Interesting article this morning on the American Banking News web site that claims research firms are reporting that defaults on U.S. commercial property loans are surging, standing at the worst level in 16 years. The reports also indicate things will worsen in 2010 and 2011.
News 40
40 Why Bookkeepers Embezzle And Steal From Your Construction Company
Contractor Bookkeeping
OCTOBER 3, 2013
Make Bank Deposits Every Day - Rain or shine busy or not. Photocopy and scan all checks and bank deposit slips and upload them to your paperless server. Doing so will make it easier for them to embezzle and harder for you to claim your innocence. Never let the bookkeeper open any bank and credit card statements.
Accounting 49
49 Sewage Treatment Innovation Promises Big Net Energy Gain | ENR.
ENR Construction
AUGUST 21, 2012
Banking & Credit Crisis. Description: A new advance in microbial fuel cell technology claims to produce enough energy from wastewater, to power treatment plants can. Gulf Oil Spill. Building Types. Construction Methods. Sustainability. Haiti Reconstruction. Economic Stimulus. Safety & Health. Project Delivery. Economic Stimulus.
Innovation 55
55 Construction Lead Services-Comparison of Dodge and ConstructConnect
Construction Marketing
AUGUST 30, 2019
The companies also gather this information by employing phone banks of researchers who call their sources to get updates on projects, secure plans, and identify new projects coming down the pipeline. All that data, combined with plans, goes into a massive database, which is organized by project. Lead Service Differentiation.
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Construction Leads – So Many Leads, So Little Time!
Construction Marketing
DECEMBER 22, 2010
The companies gather this information by employing phone banks of researchers who call their sources to get updates on projects, secure plans, and identify new projects coming down the pipeline. RCD claims to have a stronger group of reporters on private projects. Entry fee for the service comes in at $110 per month.
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GM Suppliers To Create Over 300 Jobs In Northeast Indiana
Business Facilities
AUGUST 29, 2017
These tax credits are performance-based, meaning the company is not eligible to claim incentives until employees are hired. This is exactly the outcome the Allen County Redevelopment Commission hoped for when it started the Land Banking initiative in 2008. Relocating Or Expanding Your Business In Indiana.
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Prevailing Wages in Pennsylvania: What Contractors Need to Know
Levelset
FEBRUARY 15, 2022
If you don’t have sufficient cash in the bank, you need to find ways to delay paying for some project costs until you get paid by your customer. You’ll have to have the paperwork to back up any claims. Additionally, building prevailing wages into your estimates and bids isn’t enough. One solution is material financing.
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Prevailing Wages in Minnesota: What Contractors Should Know
Levelset
FEBRUARY 18, 2022
If you don’t have sufficient cash in the bank, you need to find ways to delay paying for some project costs until you get paid by your customer. Make sure you’re always keeping good records: You’ll have to have the paperwork to back up any legal claims. One solution is material financing. On-demand legal help you can afford.
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