Every single year there are huge changes that happen throughout society that change how businesses work and change the economy itself. Sometimes these changes occur across the globe and sometimes they only happen within the United States. One industry has seen more changes than others and that is the construction industry.
Between April 2006 and January 2011, the construction industry eliminated more than 40% of its workforce. This is because the construction industry is trying to cut back on potential liabilities. Here are all of the facts that surround lawyers for construction companies.
Builders risk coverage is written for a minimum one-year term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs. The construction industry features plenty of unique traits and structures. That is why lawyers for construction companies are so important.
ISO’s Builders Risk Coverage Form, CP-00-20, is the basic avenue to builders risks coverage in the simplified language commercial property program. This is one of the many random parts of the construction industry that can be quite confusing. As a result, there are so many lawyers for construction companies that help protect these companies from liabilities in the form of personal industries and construction violations.
According to Colin Guinn of 3-D Robotics, drones will help engineers and architects tackle various construction tasks more accurately. Construction companies that use 3-D printers today mainly print concrete materials. As technology continues to grow and intersects with the construction industry, lawyers for construction companies will have to make serious adjustments.
In 2015, the American Arbitration Association administered 551 construction industry cases with claims of $500,000 or more. The largest mediated construction case was for $2.6 billion, while the largest arbitration case was $96 million. The total value of all claims and counterclaims in 2015 was $5.5 billion. A construction law firm is designed to help construction companies deal with these types of cases.
According to the American Arbitration Association, alternative dispute resolution is the preferred conflict-management process in the construction industry. The median time frame from filing to award for 2015 construction arbitration cases was just 232 days or less than eight months. All of this information is confusing to those who do not know how to process it. As a result, there are lawyers for construction companies hired to help construction site managers.
According to the American Arbitration Association, the largest case resolved by one arbitrator was a claim of $232 million. The smallest case, which was resolved by a panel of three arbitrators, was a claim for just $23,000. In 2016, the U.S. construction market was worth approximately $1,162 billion. As a result, it is essential for lawyers for construction companies to help protect their bottom line in terms of finances.
In Conclusion
Every single year there are legal situations that will unfold on construction sites. As a result, lawyers for construction companies are always in high demand. These lawyers work hard to protect these construction sites from potential legal danger!
