Borrowing equipment is a common occurrence on construction sites. But, it’s riskier than you might think. There could be a number of questions about whose insurance is responsible to pay for damages should something go wrong.
The Situation
A fellow subcontractor has asked to borrow your backhoe for the remainder of the day. You don’t need it for the work you are doing, so you let him borrow it. The subcontractor promptly destroys your backhoe and […]
A new study found slow payments to general contractors and subcontractors cost $64 billion in 2019 – a nearly $25 billion increase from 2018 with general contractors added to the report. The 2019 study, conducted by Rabbet (formerly Contract Simply) through a partnership with Procore Technologies, collected data from general contractors and subcontractors to evaluate the rising costs of slow payments in construction. Rabbet’s results show the average 51-day payment turnaround is particularly hard […]
Numerous reports have documented the softening condominium market in New York and other large cities resulting from the excess capacity of expensive units. The softening could lead to developers not meeting their repayment milestones and ultimately to defaults, workouts or foreclosures. Because of the unusual nature of condominium construction lending, lenders need to be cognizant of certain issues unique to condominium financing.
Condominium financing is different from most other kinds of lending, particularly in New […]