Some construction defects pose a real threat to property owners. They often come with obvious signs.
If you are a general contractor or run a large construction company, you might come across a myriad of challenges, some of which this blog has addressed. However, it is important to keep in mind that there are other ways your business could be negatively affected. For example, you might run into a dispute over insurance coverage, which can be especially stressful and have a major impact on you financially and mentally. When a dispute with an insurance company arises, it is essential to take the right steps and do what you can to protect your business.
As someone who runs a construction company, you almost certainly face challenges on a daily basis, whether you have to deal with disagreements with property owners or workers you have hired. Unfortunately, construction disputes can arise for a myriad of reasons and they can make life incredibly challenging. Not only could you lose sleep, but the financial impact of a dispute can be significant. In fact, some of these disputes have even pushed hard-working and committed people out of the industry altogether. If you are facing a dispute, it may be helpful to look over some of the advantages associated with resolving a construction dispute properly.
Construction contracts often contain provisions that determine when a subcontractor will be paid by a general contractor. General contractors typically wanted to pay their subcontractors after the owner has paid the general contractor. Subcontractors on the other hand don't want to wait for an owner to pay in order to receive compensation for their work on a project. To address these issues there are two commonly used contract clauses in construction contracts: Pay-if-Paid and Pay-When-Paid.