Contractors Must Know Their Contract and Strategize to Avoid Damage Claims

Nina Conner News

Posted by Thomas A. Littlefield, for OldRepublicSurety

When a construction project is delayed, damage claims can result, and fingers are quickly pointed at the contractor to be held accountable for these damages. Planning for all the potential delays that can affect a project is not easy ― especially in the today’s unpredictable pandemic environment with its supply chain shortages, volatile prices of materials and inadequate pool of skilled workers. With this backdrop, today, sureties are all the more concerned about the increased exposures that arise when a contractor may not be fully aware of liability and financial risk they are exposed to from these clauses and is not adequately prepared to avoid or mitigate this exposure.

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