Hurricane Impacts Increase Defect Risk, According to First American’s Loan Application Defect Index
First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the First American Loan Application Defect Index for August 2018, which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications. The Defect Index reflects…
Pay-If-Paid vs. Pay-When-Paid – Know the Local Law!
“Pay-if-paid” and “pay-when-paid” clauses are commonly found in construction contracts. Their potential benefit – at least to the upstream contractor – is obvious: if the clause is interpreted literally, risk of non-payment from an owner or general contractor is pushed downstream. In other words, the contractor is under no obligation to pay his subcontractors unless…
Elmore Goldsmith Attorneys Recognized in The Best Lawyers in America© for 2019
Elmore Goldsmith is pleased to announce that three of the firm’s attorneys have been selected by their peers for inclusion in The Best Lawyers in America for 2019. The following Elmore Goldsmith attorneys are included in The Best Lawyers in America for 2019: • L. Franklin “Frank” Elmore: Construction Law and Litigation–Construction • Mason A….
Construction Contract Disputes are Getting Longer, More Complex
A new report released by Arcadis reveals that although the value of construction disputes in North America dropped for the fourth consecutive year, the average time taken to resolve these disputes increased in 2017, far exceeding the global average. The report, entitled “Does the construction industry learn from its mistakes?”, provides insight into the causes,…
You’ve Got Mail
Does your company have a written policy that covers who can sign for certified or restricted mail? How about for a FedEx© or UPS© package? If not, you may want to consider implementing a written Incoming Mail and Express Shipment Policy (IMESP). The South & North Carolina state and federal court rules and statues allow…
Are you Helping your Project Managers and Superintendents Understand your Contract?
The bidding and contract process is often totally separate from the jobsite environment. This can make it difficult for project managers and superintendents to keep track of key contract provisions, especially when the contract form in question is new to them. Since field personnel are busy with the work, and are under a lot of…
President Trump’s Tariff Acts; A ‘Major Force’ in International Trade
Recently, several clients have contacted the firm after suffering cost impacts caused by President Trump’s unexpected changes to America’s tariff schedules (“Trump Tariffs”). In one case, a sprinkler subcontractor claimed that the Trump Tariffs caused pricing for sprinkler piping to increase by 36%. The issue is who bears the risk of unforeseeable increases in material…
The Surety Has Tendered its Defense — Now What?
This is a question we sometimes get from contractors who are either on the receiving end of a payment bond claim for the first time or have deeper concerns about their current bonding relationship. An important first step is to review the fundamental difference between insurance policies (which provide coverage against the risk of defined…
Views from the Salute to the Design and Construction Industry Sponsors
Once again this year, three leading design and construction industry service providers have teamed to sponsor the Salute to the Design and Construction Industry. The GroundBreak Carolinas’ staff had three questions for each of this year’s sponsors: BB&T Construction Risk Services What are the key trends impacting your business (or client’s business)? Construction project financing…
The OSHA Inspection Part II – Site Inspection Day – You are the SUSPECT
In Part I of this article, I opened with an experience I had as a contractor when my project superintendent called and said, “A Guy Just Died Out Here!” Part II of the article provides some insight into how you might handle the OSHA site inspection after an injury. We all believe we understand criminal…
