Most Telling KPIs for Work in Progress
What does your Percentage of Completion data say about your company? Work in Progress (WIP) is what a construction company or contractor invests in delivering a completed project, including materials, labor and overhead throughout the process of construction and in all stages of a construction contract, right? Well, yes and no. Those are definitely components […]
Considerations that may determine premiums on your next construction bond
Construction bonds are an integral part of any project owner or contractor’s risk management program. For most projects, the cost of a surety bond is a standard line item in the construction cost estimate. Premiums for construction bonds are calculated as a percentage of the bond value, and usually quoted in dollars per thousand: Bond Amount […]
Paid If Paid Provisions – What Are They & What Should I Know?
Understanding the ‘Paid if Paid’ Provision in Construction Contracts If you are a Contractor & are in privity of Contract with the General Contractor, you are most likely signing a Contract that includes a Paid If Paid Provision. This provision states that – payment won’t be due from a general contractor until and unless it […]
What is a Surety Bond in Florida?
Establishing trust between multiple parties is an important goal for achieving success in any project or business dealing. Surety bonds in Florida, broadly speaking, are a solution to the age-old dilemma of not knowing whether or not the people you are interacting with are indeed trust-worthy professionals operating in good faith. Purchasing a surety bond […]
Bonding Companies Can Be Held Liable Under Reverse False Claims Act
If you’re involved with Federal construction projects and government set-aside programs like SDVOSB, know that your bonding company may ask a few more questions. On July 31, 2017, the U.S. District Court for the District of Columbia issued a ruling in a reverse False Claims Act case that says bonding companies can be held liable […]
It Ain’t Over ‘til it’s Over
What defines the completion of a contract for the purposes of legal action? Contractors have a better idea of when a contract is finished due to a change to Florida law. In June of this year, Governor Scott signed House Bill 377, which amended the statute that deals with limits for filing lawsuits related to […]