Contractors and construction managers who enter into cost reimbursable contracts subject to a guaranteed maximum price (GMP) are responsible for all project costs exceeding the GMP
Weaver of Pillsbury Published September 23, 2021 “Smart Construction” is a loose term but generally refers to the development and use of processes and applications that improve construction planning and the management of projects (thereby potentially streamlining costs of construction)
According to the ACFE’s 2022 Report to the Nations, the median loss from occupational fraud in construction places it in the top five median losses by industry with a median loss of $203,000, per incident. Compared to the median loss for all industries, $117,000, per incident, the construction industry experiences a 73% higher median loss from occupational fraud. Most Common Occupational Fraud Schemes in Construction The ACFE created a heat map that identifies the frequency of various schemes within the construction industry that can help organizations identify the highest risks of fraud
Published May 24, 2022 With the ever-increasing usage of technology in the construction and energy industries, risks to business operations have also increased. Property developers and construction contractors rely on electronic data and communications more than ever to streamline projects, ensure efficient and timely supply chain delivery, and facilitate immediate communications between parties. However, with this dependence upon technology comes the heightened risk of cyber criminals frustrating construction operations and driving up costs
Hernández, a Senior Director who recently joined our team in London, about the latest trends in construction project management. What are the biggest project management risks faced by construction and engineering professionals today?
Construction projects kick off with a sense of optimism and excitement builds as the project comes alive. Just like in sports where some teams win and some teams lose, construction projects can be successful or rife with issues that lead to long days and sleepless nights
Construction contractors need to work with a CPA who knows their industry to help ensure their financial performance is in line with healthy benchmarks and to remedy any signs of financial trouble, says Julian Xavier, CPA and managing principal of CliftonLarsonAllen, LLP 's Walnut Creek, CA office
Shue of Duane Morris LLP Published March 18, 2020 As you have undoubtedly heard, coronavirus disease 2019 (COVID-19) is affecting the global construction industry. Notably, as of March 17, Boston halted all construction jobs in the city for two weeks due to the COVID-19 pandemic
The project’s construction manager, as an agent for the owner, hired various contractors to complete the work. The construction manager entered into a contract with Cross Country, the defendant, for the erection of the concrete superstructure for the building. The construction manager also hired a curtain wall contractor (Enclos)
In that case, the subcontractor performed extra work at the oral direction of the general contractor’s project manager. There was no signed written directive, and the project manager was not the person identified in the contract as authorized to approve changes to the work. Nevertheless, the trial court held that the project manager had apparent authority to waive those requirements and had done so through his actions. The appellate court agreed, recognizing that “[p]arties to a contract may waive the requirements of the contract by subsequent oral agreement or conduct, notwithstanding any provision in the contract that modifications must be in writing.” In Patriot Construction , the project manager had negotiated the terms of the subcontract and was the subcontractor’s sole point of contact regarding the day-to-day work on site