David McLain | Higgins, Hopkins, McLain & Roswell Construction contractors in the market for insurance coverage have few legal protections if their insurance agent fails to provide insurance that covers likely claims against the contractor. As construction defect lawsuits continue to be a frequent occurrence throughout Colorado, we have seen an increase in the number… Continue reading Buyer Beware: Insurance Agents May Have No Duty to Sell Construction Contractors an Insurance Policy Covering Likely Claims
Month: May 2024
Material Price Surges: What They Mean for Construction and How To Cope
Antonija Krizanac | Davis Wright Tremaine Once again, the construction industry is facing significant challenges due to material availability and price increases. Copper prices hit a record high on May 15, 2024, and have gained around 30% in 2024. Accordingly, copper, essential for electrical components and wiring, has seen prices soar this year, exacerbating supply… Continue reading Material Price Surges: What They Mean for Construction and How To Cope
Significant Changes to Retainage Law in Oregon Will Benefit Contractors and Require Review of Oregon Construction Contract Forms and Payment Procedures
Laurie Hager | Snell & Wilmer Under HB 4006, which was effective on March 7, 2024, the Oregon legislature sought to improve retainage law in two ways. First, it allows general contractors and subcontractors to post a retainage surety bond to avoid having retainage deducted from progress payments on large commercial projects and public projects.… Continue reading Significant Changes to Retainage Law in Oregon Will Benefit Contractors and Require Review of Oregon Construction Contract Forms and Payment Procedures
Six Tips to Successfully Implement Dispute Resolution Boards Nationally and Internationally
Peter Kamminga | JAMS In the demanding realm of construction, where time and money are paramount, dispute resolution boards (DRBs) stand out as a unique and underused asset. The key to unlocking their full potential lies in dispelling common misconceptions and mastering their application. Successful DRBs have not only swiftly resolved conflicts, but also streamlined… Continue reading Six Tips to Successfully Implement Dispute Resolution Boards Nationally and Internationally
Retainage: What Contractors Need to Know and Helpful Strategies
Gerard J. Onorata | ConsensusDocs Introduction Most, if not all, construction contracts contain a provision for “retainage.” The origin and concept of retainage dates back to the railroad boom that embraced Great Britain in the 1840s. In its simplest terms, retainage is a mechanism by which an owner or general contractor withholds disbursement of funds… Continue reading Retainage: What Contractors Need to Know and Helpful Strategies