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The Startup Construction Business Checklist: 3 Important Documents You Need to Have

Construction Marketing

A construction business needs need public liability insurance , and employers’ liability insurance if you employ staff. Although public liability insurance is not a legal requirement, it should be regarded as essential. Legal Documents. Business Plan. A business plan is vital for a number of reasons.

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Virtue signallers beware

Construction Law

The next thing you might be contacting your lawyer about could be your potentially over-inflated sustainability claims. Virtue signalling by ‘greenwashing’ could end up being more expensive than taking the measures you have wrongly claimed to. Those projects failing to meet these criteria may struggle to access financing.

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

Levelset

If you’re bidding on contract work, you will likely need a COI per terms of a legal agreement. Aside from owners and GCs, a government entity may want to see proof of liability insurance. This party may want a COI to ensure they are protected from liability in the event of a product-related injury or accident.

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Contractor License Bonds: Everything You Need to Know

Levelset

Well, every state sets its own rules for contractor licensing, and contractors often must purchase a surety bond in order to legally practice their trade. In the event of a valid claim against the license bond, the principal must reimburse the surety company for any payouts. Note: These scenarios don’t always lead to a claim.

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7 Steps to Successful Project Closeout

Autodesk Construction Cloud

And that 10% loss doesn’t even factor in the costs associated with claims that can come from prolonged payment disputes. The first step is to track every part of the project to streamline reviewing legal terms and change orders, for example. Review legal requirements and ensure that all terms have been met.

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Pennsylvania Incentives and Workforce Development Guide

Buisness Facilities Contributed Content

The Program is administered jointly by the Department of Community and Economic Development (DCED) and the Department of Environmental Protection (DEP), under the direction of the Commonwealth Financing Authority (CFA). The total tax credits awarded to a taxpayer may not exceed $500,000 in any fiscal year. Guaranteed loans up to $500,000.

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Unique Tips To Reduce Construction Company Start Up Stress

Contractor Bookkeeping

Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. 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. You say O.K. Or The Hard Way.