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The Preconstruction Phase: Understanding the Process & Risks

Levelset

It entails the architect creating a full package of drawings for the building that code enforcement will use for permitting. Permit and inspections. The time for performing inspections and pulling necessary permits is the preconstruction phase. Pulling those permits once the drawings are ready is key. Learn more.

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Understanding the Performance and Monitoring Phase of Construction

Levelset

Once the project owner selects a contractor, they’ll draw up contracts and the general contractor will start scheduling subcontractors and applying for the appropriate permits. Financial risks to contractors during performance and monitoring. The construction phase. Protect & speed up every payment. Learn more.

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Selling a House with Solar Panels is Fraught with Peril

Green Building Law Update

That language accomplishes next to nothing for the seller or buyer and may only serve to mitigate risk for the real estate brokers. Or, if you are moving to a new home in the same utility district, then where permitted by the local utility, the system can be moved to your new home. Some of the companies engaged in this business (.

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4 Factors Underwriters Consider When Issuing a Construction Bond

Levelset

However, larger projects come with greater risks and additional challenges. Large, multi-year projects are also more likely to face risks from potential economic changes, supply chain issues, and other unforeseen pressures that can threaten them. GCs can also purchase subcontractor default insurance to reduce this risk.

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What Contractors Need to Know About Surety Bonds

Construction Marketing

Depending on the licensing and permitting requirements of the licensing body, you might need bonds for each state or city in which you perform work. The company will ask for some additional documents so that it can evaluate you and your business to determine your level of risk during an underwriting process.

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Buyer Beware: Five Commercial Construction Questions to Ask Before Purchasing a Distressed Note

HardHatChat

By using the existing subcontractors instead of hiring someone new, you can resolve or avoid a mechanics lien as you’ll be adhering to the original subcontractor contract. Cross your fingers they were, otherwise you might run the risk of extra fees. Has the building permit expired? Are there hidden costs?

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Construction Site Theft: Impact and Prevention

Levelset

Materials, insurances, permits, payroll, and other typical costs are relatively simple to account for. Luckily, there are insurance policies that will replace the cost of the stolen goods, such as builders risk insurance. There’s no telling what the price might do before the check arrives, and that’s a risk smart builders won’t take.

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