Liquidated damage assessments frequently become contentious. Contractors bid and sign contracts without fully appreciating how fast these daily charges can add up. In one recent case, the contract called for a daily assessment for late completion of the overall project plus a daily charge of $42 per unit for each of the 30 housing units covered by the contract. The contractor incurred almost $100,000 in liquidated damages for unit-based delays.
Federal housing officials and Fannie Mae have created a program to allow owners of existing affordable rental housing properties to refinance into new mortgages that include funding for energy- and water-saving upgrades as well as other needed property renovations.
Under the Green Finance Plus program, the U.S. Department of Housing and Urban Development’s Federal Housing Administration (FHA) and Fannie Mae will share the risk on loans to refinance existing rent-restricted projects while permitting owners to borrow additional funds to make energy-saving improvements to their properties.
I think of myself as a fairly responsible professional, which means I want to know what responsibilities I can manage. So, instead of “passing the buck,” I gave my full attention to the latest 90-minute webinar from WPL Publishing Inc., “The Legal Risks of BIM (Building Information Modeling) -- Real or Imagined?”, presented by Michael Vardaro, a partner with Zetlin & De Chiara, a firm specializing in construction law.
Vardaro gave me two truly great insights. Along with what you would expect from most attorneys (and Vardaro is quite BIM-fluent to be sure), the “team” of owners, designers,
and builders is expected to rely on written agreements such as the American Institute of Architects’ (AIA) E202-2008 BIM Exhibit or the ConsensusDOCS 301 BIM Addendum, either of which may be a starting point.