Payment Bonds on a Private Construction Project
Payment bonds aren’t just for public projects. Private owners can mitigate risk and protect subcontractors and suppliers on the project.
Design-Build Trends, Challenges and Risk Mitigation
Design-build contractors with contractual responsibility for design and construction need strong contractual language and insurance programs to minimize risk exposures.
Pricing Risk in (and Out of) Construction Projects
Failure to trace the risk from the estimate through the turnover and startup phase of a project can lead to confusion, and worse yet, a failure by the project team to mitigate a risk identified at the estimate stage.
Joint Ventures: Costly If Not Cautious
Companies may wish to share the risk on a project, secure additional bonding capacity or enter a new market segment with a more experienced contractor, as well as offer additional resources, including working capital and other trades needed for a project. However, many risks need to be addressed prior to officially forming a joint venture.
Construction Contract Payment Terms Aren’t Worth the Paper They’re Printed On
As construction becomes more complicated and project participants have no direct contractual relationship with others on the project, there is an element of fear (and risk) that leads to overly complicated contracts.
Detect and Prevent Construction Fraud
By understanding the traits of a typical fraudster and steps to take to reduce the likelihood of insider theft, construction business owners can focus on protecting their liabilities, securing new contracts and overseeing their clients’ projects.
Clear Guidelines for P3s Are Key to Success
Having pre-determined analytical processes can add significant levels of certainty to project procurement. This typically takes the form of a value for money analysis that assesses whether the public sector would see increased value by delivering the proposed project through a P3 rather than through traditional procurement.
Construction Accounting Risk at Macro and Project Levels
Construction accounting is difficult on both a weekly project basis and a company-wide business reporting level, but proper application of best practices can smooth out processes and make sure the firm is in the best possible position to be paid fairly.
