Construction Business Owner

APRIL 20, 2023

Understanding Driver Risk Is Paramount to Your Company’s Profits Use fleet tracking tech to tackle operational challenges while keeping your drivers safe mhodges Thu, 04/20/2023 - 07:37 Fleet managers must balance ever-shifting routes and customer needs — all while keeping drivers (and the public) safe.

Profitability 283

Profitability Risk Virgin Islands Puerto Rico 283

Federal Construction Contracting Blog

DECEMBER 9, 2022

The Armed Services Board of Contract Appeals (ASBCA) recently issued a decision regarding a contractor’s claim for increased performance costs due to the economic impact of the COVID-19 pandemic. The Navy denied the claim, and the contractor appealed that decision to the ASBCA. The Navy denied these requests.

Contractors 52

Contractors Contract Defense Claims 52

Job Order Contracting

AUGUST 31, 2021

Traditional contracting methods typically involve the non-owner participants tendering a lump-sum price based on the owner’s proposed allocation of responsibilities and risks. The over-riding goal of most contractor becomes minimizing the cost of performing the agreed scope or activity and maximizing profit.

Construction 124

Construction Procurement Liability Contract 124

BD+C

MARCH 29, 2024

They may be beneficial to companies seeking early claims of carbon neutrality, but choosing offsets only delays the more immediate and long-term actions a company must take to achieve carbon neutrality. Employees and stakeholders want to associate with companies that are part of the solution, and investors value the proactive risk management.

Sustainability 111

Sustainability Income Risk Claims 111

Mr Ethics

JUNE 19, 2015

They say our only risk is the assets that are in the L.L.C. This is often done to allow the LLC to draw off the profits from the project and then leaving the remaining parties to fund the project and claims that will arise. They tell me that these “L.L.C.’s” for the project. Regards, Mr. Ethics

Legal 100

Legal Liability Drawings Claims 100

Mr Ethics

JUNE 19, 2015

They say our only risk is the assets that are in the L.L.C. This is often done to allow the LLC to draw off the profits from the project and then leaving the remaining parties to fund the project and claims that will arise. They tell me that these “L.L.C.’s” for the project. Regards, Mr. Ethics

Legal 100

Legal Liability Drawings Claims 100

Mr Ethics

JUNE 19, 2015

They say our only risk is the assets that are in the L.L.C. This is often done to allow the LLC to draw off the profits from the project and then leaving the remaining parties to fund the project and claims that will arise. They tell me that these “L.L.C.’s” for the project. Regards, Mr. Ethics

Legal 100

Legal Liability Drawings Claims 100

Levelset

AUGUST 16, 2022

However, larger projects come with greater risks and additional challenges. Some contractors watch as their gross profit margins decrease when they take on larger jobs. Knowing the risk factors that bonding companies consider might help you better evaluate whether a large project you are looking at is a good opportunity.

Risk 52

Risk Cash Flow Construction Banking 52

Green Building Law Update

JUNE 17, 2018

But the green building industrial complex is missing that green building can be the solution to many of the environmental impacts arising from human activity and at the same time make a business case that green building can be profitable. Green building is a low risk geoengineering solution to many of the environmental issues of the day.

Green 153

Green Risk Organization Materials 153

Lets Build

MAY 11, 2022

Even though the owner might state which items qualify as prelims, it’s the contractor’s responsibility to claim the amounts for each of those items—they’re in the best position to estimate preliminary costs. A general allowance for risk. What are prelims? For example: Provisional sums. Site security. The costs of design work.

Contract 144

Contract Construction Site Accounting 144

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. Many find engaging an attorney with sustainability expertise is a good way to mitigate ESG associated risk. Private lenders banded together at the recent COP26 U.N.

Maryland 177

Maryland Regulation Electrical Legal 177

Construction Marketing

SEPTEMBER 24, 2015

This article outlines three important documents that you’ll need in order to start and run a profitable business. Something as simple as a customer tripping over a hammer and hurting themselves could result in an accident claim – and without insurance, you could end up facing hefty fines and legal battles. Business Plan.

Documentation 120

Documentation Insurance Legal Liability 120

Construction Junkie

DECEMBER 10, 2020

Historically, it has been pretty difficult to track who enters a construction site or building and when, which can pose a safety and health risk to your jobsite, especially during a global pandemic. This makes it extremely easy to determine who may have come into contact with that person, helping to reduce the risk of spreading it further.

Site 79

Site Accounting Compensation Union 79

Federal Construction Contracting Blog

JUNE 7, 2022

As two recent Armed Services Board of Contract Appeals (the Board) decisions involving contractor claims for COVID-19-related costs illustrate, the distinction between these two roles can make or break a contractor’s claim. As the Court of Claims in Jones v. The CO denied the claim and the contractor appealed.

Defense 59

Defense Contract Claims Contractors 59

Levelset

SEPTEMBER 22, 2022

By the same token, many potential situations pose risk to the health and safety of your employees and others working on the jobsite. Here’s an overview of eight of the top safety and health hazards in construction — and some preventive measures you can take to avoid these risks. . of all deaths in the construction industry. .

Safety 52

Safety Injury Risk Construction 52

Autodesk Construction Cloud

JULY 12, 2022

This mitigates risk and uncertainty, ultimately increasing the chances of a successful and well-executed project. . Maximizes Profit. This results in higher profitability—something that’s critical in a low-margin industry like construction. . Conduct a Risk Assessment. Helps You Avoid Issues Down the Line.

Plans 52

Plans Documentation Schedule Risk 52

Levelset

APRIL 8, 2022

On projects like this, property owners typically count on an insurance claim to pay for the work – they may not have cash on hand to pay you out of pocket. Knowing what to expect from insurers gives you some leverage as a contractor, and can help you protect your business against financial risk on restoration projects. Know your role.

Insurance 52

Insurance Claims Agreement Lien 52

Levelset

APRIL 8, 2022

On projects like this, property owners typically count on an insurance claim to pay for the work – they may not have cash on hand to pay you out of pocket. Knowing what to expect from insurers gives you some leverage as a contractor, and can help you protect your business against financial risk on restoration projects. .

Insurance 52

Insurance Claims Agreement Lien 52

Viewpoint Construction Technology

SEPTEMBER 23, 2018

Sometimes this erodes profit, but in some scenarios, it can mean losses or even worse. You know how much profit a project is making at the COMPLETION of the project. But you do not know how much profit a project is making on a month by month basis during the course of the project.

Industrial 130

Industrial Accounting Viewpoint Construction 130

Viewpoint Construction Technology

MAY 9, 2019

In an industry as large and complex as construction, simplifying processes in any way possible can reap significant benefits for contractors in terms in of productivity, mitigated project risks and profitability. Ease of use is one of the most-touted selling points of today’s software and technology providers.

Software 218

Software Software Organization Contractors 218

Levelset

APRIL 15, 2022

When a property owner files an insurance claim to cover a restoration or roofing project, the owner typically deals directly with the insurance company. An assignment of benefits , or AOB, is an agreement to transfer insurance claim rights to a third party. AOBs take the homeowner out of the claims equation. Setting up an AOB.

Insurance 52

Insurance Contractors Lien Claims 52

Levelset

APRIL 1, 2022

Luckily, there are insurance policies that will replace the cost of the stolen goods, such as builders risk insurance. Insurance claims. Filing insurance claims for a construction site theft can increase the contractor’s premium, meaning they’ll have to pay more for coverage moving forward. Impact of construction site theft.

Site 52

Site Cash Flow Insurance Construction 52

Safety Services Company

OCTOBER 9, 2017

It reflects your company’s past injury and illness incidents and lets the insurance carrier calculate future risk. The National Council of Compensation Insurance (NCCI) looks at the national average of claims within a given industry and assigns that average the number 1.0. depending on a variety of factors used to determine risk.

Compensation 48

Compensation Insurance Injury Risk 48

Levelset

OCTOBER 20, 2022

A series of small mishaps like these could put a dent in your profit margins from year to year. If you work in an area that an insurer deems high-risk, you may have to pay a bit more for coverage. While this expertise could be a huge advantage for you, it may also increase the risks you face on the job. Who performs your work?

Insurance 52

Insurance Liability Electrical Accidents 52

Autodesk Construction Cloud

DECEMBER 18, 2021

The final days of a project have a huge impact on your overall profitability and success—as the saying goes, projects are remembered not by how they start but how they finish. And that 10% loss doesn’t even factor in the costs associated with claims that can come from prolonged payment disputes. Not so fast.

Change Orders 52

Change Orders Documentation Equipment Risk 52

Construction Test

MAY 1, 2020

A Scottish newsagent is selling test kits for £30 each – and claims he has already sold £750,000 worth to a pharmacy. . But Mr Anwar refused the claim and said he was ‘untouchable. I’m hardly making any money on these, the profit margin is small.’ This puts them at risk of catching the deadly coronavirus.

Claims 26

Claims Certification Products Regulation 26

Best Practices Construction Law

NOVEMBER 2, 2012

NCCI has been operating as not-for-profit since 1922, performing the following: engaging studies on workplace injuries and other national and state factors impacting workers compensation. The last split point update occurred two decades ago and the average cost of a worker's compensation claim has tripled since that time.

Compensation 48

Compensation Insurance Claims Employment 48

Autodesk Construction Cloud

FEBRUARY 1, 2022

While a project’s ultimate goal is a successful completion, the steps it takes to get there are critical to profits and project’s life cycle. By choosing the right one for your project, overall risk can be reduced, and budget and schedule can be better managed. Risks: exposure to danger, financial loss and harm to the brand.

Risk 52

Risk Schedule Design Budgeting 52

Levelset

MAY 2, 2022

If you can show that you’ve been growing and seen an increase in work while remaining profitable, the vendor may feel comfortable increasing your limit. Levelset’s Contractor Profiles provide information on a contractor’s payment history, lien claims, and reviews from other contractors and suppliers.

Negotiation 52

Negotiation Materials Cash Flow Finance 52

Fieldwire

AUGUST 14, 2023

The practice dates back to the 1840s, dreamed up as a measure to reduce the owner’s risk and ensure that the project is fully completed according to the job specifications. For many construction businesses, the retainage payment accounts for their entire profit margin on the project.

Contractors 98

Contractors Cash Flow Lien Negotiation 98

Green Building Law Update

DECEMBER 19, 2021

Sidestepping for a moment those companies that set out to intentionally deceive other about their ESG bonafides, from time to time, what companies think their ESG claims mean and what others really understand are two different things. And while today it has a broader definition including not only environmental claims but also matters of ESG.

Claims 156

Claims Sustainability Legal Risk 156

Job Order Contracting

JANUARY 10, 2021

Design-Build Contracting Claims: Cumulative Supplement. Profitable partnering for LC. Contractors’ risks in design, novate and construct contracts. Insights from beyond construction: collaboration. Lean Construction Journal 2(2), 22-50. Bramble, B. NY: Aspen Publishers. Oxford, UK: Blackwell Publishing. L., & Li, H.

Construction 164

Construction Procurement Contract Management 164

Contractor Bookkeeping

JANUARY 2, 2015

The idea was you would do all the work they would get half the profits and you politely refused, or not? 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. This is getting very stressful.

Construction 48

Construction Insurance Accounting Claims 48

Contractor Bookkeeping

JUNE 20, 2014

You do all the work they get half the profits and you politely refuse. 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. This is getting very stressful.

Insurance 48

Insurance Construction Accounting Claims 48

Building Information Management

NOVEMBER 19, 2015

It alone sets the tone, assigns responsibilities and deliverables, determines levels of risk, and establishes timelines among other items. Shared Risk/Reward. Virtual elimination of legal disputes, claims and change orders. Reduced risk. Reasonable profit. “It Early and Ongoing Communication.

Construction 40

Construction Change Orders Procurement Legal 40

Construction Cost Estimating

JUNE 5, 2012

The ProContractorMX provides comprehensive solution facilitating users to overview a day’s profit potential instantly. Tender more bids in quickest possible time precisely and keep profit margin. Automatically create audit trails to efficiently deal with disputes and stay away from delay claims.

Estimating 45

Estimating Construction Software Software 45

Help Everybody Everyday

MARCH 6, 2009

. “No damages for delay” clauses that remove your ability to claim actual damages for delay beyond your control and imposed by an upstream party. Language that puts artificial limits on your ability to make a claim, including allowing the upstream party or its agent to be the judge of your claim’s validity.

Contract 48

Contract Claims Legal Lien 48