David Adelstein | Florida Construction Legal Updates When performing work on a fixed price or unit, there is risk that is being assumed on your end. One risk is the market. You are ultimately banking on the fact that the market is not going to make your fixed prices unprofitable. That’s not an unforeseeable occurrence because the market… Continue reading The Risk of a Fixed Price Contract is the Market
Month: August 2022
Even Federal Contractors and Subcontractors Should Pay Heed to State Law on Conditional Payment Clauses
Dismas Locaria and Caleb McCallum | Venable The Virginia legislature recently took a broad step toward limiting the use of certain common clauses in construction subcontracts. This new legislation, effective January 1, 2023, amends the state’s Prompt Payment Act (Va. Code § 2.2-4354) and wage theft statute (Va. Code § 11-4.6) to effectively prohibit the… Continue reading Even Federal Contractors and Subcontractors Should Pay Heed to State Law on Conditional Payment Clauses
Illinois Appellate Court Addresses Professional Services Exclusion in Homeowners Policy
James M. Eastham | Traub Lieberman In Stonegate Ins. Co. v. Smith, 2022 IL App (1st) 210931, the Insured was performing plumbing work at a multi-story townhouse when a fire ensued causing damage to the second story unit. Although a carpenter by trade, the Insured was performing plumbing work consisting of the replacement of a shower valve… Continue reading Illinois Appellate Court Addresses Professional Services Exclusion in Homeowners Policy
Florida Appeals Court Reverses Appraisal Ordered In Storm Suit
Tiffany Bustamante O’Quinn and Alycen A. Moss | Property Insurance Law Observer On July 20, 2022, Florida’s Third District Court of Appeal reversed and remanded a trial court’s decision compelling the parties to proceed with appraisal and staying litigation until that appraisal was completed. Florida’s appellate court held that trial court erred in granting the… Continue reading Florida Appeals Court Reverses Appraisal Ordered In Storm Suit
Contracting Issues for 2022
Aaron S. Evenchik, Andrew J. Natale and O. Judson Scheaf III | Hahn Loeser & Parks Contractors learned many lessons from 2020-2022 on material/labor availability, price escalation, and contractual allocations of risk. Prudent contractors will consider this in contracts moving forward. SHOW ME THE MONEY Long gone are the days of large projects that are… Continue reading Contracting Issues for 2022