While both relatively simple concepts, allowances and contingencies are often confused with one another. Conflating the two can lead to pitfalls. An easy way to remind oneself of the difference is: allowances are for known unknowns, and contingencies are for unknown unknowns. Tell me more >>>
Surety: Bidder Needs Engineer to Qualify for Mo. Project Bond
The courthouse roof and masonry project remains on hold while the Johnson County Commission waits for the low bidder to produce a performance bond. The county opened bids March 20. Strata Architecture and Preservation architects checked bidder qualifications, materials, references, schedules and tradesmen. Architects Susan Richards Johnson and Trudy Faulkner told commissioners the $647,700 low bid from All Trades Historical …
Widow Expands Construction Firm Through Financial Immersion
Mary Wyatt can smile about it now. Even laugh about it. About how she didn’t even know how to tighten a hard hat the first time she put one on. About how little she knew about construction just two years ago. No more than dinner-table conversation with her husband John, president of Wyatt General Contractor, LLC at their Vestavia Hills …
City in Oklahoma Plans to Call Contractor’s Bond
The city of Ada took action last week that could result in a lawsuit against the company that built the Wintersmith Park Music and Movie Venue, over allegations that the completed facility did not meet the city’s specifications. On Monday, the Ada City Council declared the Tulsa-based Timbrel Building Co. in default on its contract and authorized the city to …
Commentary: Trump Budget Falls Short on Infrastructure
For the first time, the White House has put into writing an outline of President Trump’s long-promised and often-hyped plan to pour as much as $1 trillion into rebuilding the nation’s infrastructure. It did not leave Trump’s would-be negotiating partners impressed. Read the entire article >>>
AIA Documents Include Insurance, Bond Provisions as Exhibits to Agreements
The American Institute of Architects’ standardized contract series is widely used across the construction industry, in addition to options from competitors like ConsensusDocs and the Design Build Institute of America. When the AIA issues revisions to its contract documents every 10 years, it garners a good deal of attention, as these changes can impact all project stakeholders. Tell me …
Nevada Senator: Stadium Forgoes Small Contractors’ Involvement
When it comes to the Raiders’ off-field play, the team boasts an impressive win streak. First, the team played a key role in securing $750 million worth of tax dollars to support a domed $1.9 billion stadium just off the Las Vegas Strip. Then the Raiders informed the Las Vegas Stadium Authority that the NFL needs an approved lease agreement …
Insurance Demand Strong as Construction Industry Grows
The US construction industry experienced an optimistic 2016 with modest, steady growth across all sectors. Despite seasonal swings and uncertainty in the potential impact of regulatory and legislative changes, US construction continues its gradual progress forward according to JLL’s Q4 2016 US Construction Outlook report. Read more here>>>
Planning Board Requires Bond Guaranteeing Hospital Project’s Completion
KINGSTON, N.Y. >> HealthAlliance of the Hudson Valley has yet to hear from state officials on its September application to expand one hospital campus and to convert the other into a “medical village.” In a brief email last week, Marketing Director Lynn Nichols said there was no new information on HealthAlliance’s application to the state Health Department. “We do not …
Connecticut Town Unable to Collect on Bond; Issuer has Cease-and-Desist History
The battle with Julian Development and its handling of the town’s partially contaminated fill pile has found its way to court. The town has filed suit in state Superior Court in Bridgeport against Julian, seeking up to $3 million in payment over the fill pile on One Rod Highway. Claiming a breach of contract, the town has filed a request …