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7 Things Contractors Need to Know About Retainage

Fieldwire

Construction is one of the hardest industries to manage cash flow in, with contractors often facing large up-front costs and frequent, long delays between expenses and payment. Retainage can cause a cash flow burden for contractors, especially subs at the bottom of the payment chain.

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A Plumbing Contractor’s Guide to Insurance Coverage

Levelset

A plumbing contractor’s insurance policy covers claims for property damage, but it may also help defend against lawsuits resulting from a work-related incident. The average cost for a workers comp claim in 2019-20 was $41,353. Even small disputes in the construction industry can have a negative impact on time and cash flow.

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Construction Business Owner Blogs

Construction Business Owner

These are the people who claim to be authentic, but in reality, they come across as insensitive…or just plain rude. Last year I upset a client by being a little too blunt, and in more than 26 years as the owner of Foundation Software I have unnecessarily caused some employees to lose sleep over something I said. foundation.

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Construction Business Owner Blogs

Construction Business Owner

I often see claims in business articles that the best practice for analyzing something (whatever that may be) is to get more data. foundation. foundation software. But what exactly is the purpose of getting that data, and what do we do with it? Add new tag. business development. change orders. cloud computing. communication.

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Construction Business Owner Blogs

Construction Business Owner

Companies who have more claims than average will have a higher than average rate, for example, 1.6. foundation. foundation software. EMR’s are calculated by comparing a company’s actual losses to industry average losses. Companies who perform average in their EMR industry generally rate around 1.0. Add new tag. change orders.

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Construction Business Owner Blogs

Construction Business Owner

And then there were some machines that are hardly dependent on fuel, or in some cases not at all: Takeuchi claims to have built the prototype of the world’s first all-electric mini excavator, capable of holding a charge for 6 hours. foundation. foundation software. Add new tag. business development. change orders. communication.

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Construction Business Owner Blogs

Construction Business Owner

The automated engine shutdown feature claims to provide up to 30 percent in fuel savings. foundation. foundation software. This smart machine also features a new dual-mode shutdown feature maximizes fuel economy and monitors vital engine components. Dexter + Chaney launched version 14 of their accounting software at the show.