Insurance is one of the most important investments a company makes. It protects them from unforeseen damages due to actions outside their control. There are many types of insurance available to contractors. One of the most important is builder’s risk insurance, also known as “course of construction” insurance. Builder’s risk insurance protects contractors from damages and delays on projects that are under construction. This protection is also important for the project team members — including…

A contractor’s affidavit provides reassurance to the project owner that all contractors and vendors on the project have been paid for the work they provided. By signing the form, the contractor swears that payment has been made to everyone working on the project, except those listed on the affidavit. In some states, an affidavit is required to be sent to the owner before a lien or lawsuit can be filed. Contractors need to be aware…

Whether it’s a family home, an apartment building, or a skyscraper, make no mistake: A construction project contains many moving parts. But, unlike the gears, pistons, and hydraulics in the machines that grade the earth or lift the steel, the moving parts in the construction machine are people. Companies full of people, to be exact. And there are essentially 10 types of construction companies.  To ensure that a construction project — regardless of how small…

Growing a construction business often requires the use of debt or other forms of construction financing to fund large capital expenditures, particularly equipment. Whether your trade requires significant investment in tools, yellow‐iron, trucks, trailers, or the like, there is a wide range of equipment leasing and financing options available to you — but not all are created equal.  Faced with lack of equipment, company tries to sell My firm was recently introduced to the owners…

Starting your own contracting business in Nebraska is a big and exciting step. When you start your own company, you’ll be able to call the shots and take the business as far as you’d like. By deciding who you work with and the type of projects you want to take, you’re in the driver’s seat. But, there is one area in which you won’t be able to call the shots: Nebraska contractor licensing requirements.  But…

Residential and restoration contractors working in Connecticut need to be aware of the provisions of the Connecticut Home Improvement Act so they can ensure that they are in compliance, their contracts are valid, and they get paid.  What is the Connecticut Home Improvement Act? The Connecticut Home Improvement Act or, HIA, is a set of laws pertaining to contractor licensing and contracts for home improvement projects. It provides guidance regarding contractor licensing, bonding, and…

The American Institute of Architects (AIA) recently released two new AIA residential contract templates for home builders.  The A111 – 2021 is a contract between a homeowner and a home builder for the c onstruction of a single-family home. This contract was developed for projects where the construction documents have been completed or are beingcompleted under a separate agreement. The A112 – 2021 is for the construction of a single-family home, and includes design services.…