By Bruce Jervis
Pay-if-paid clauses shift the ultimate risk of project owner nonpayment from the prime contractor to a subcontractor. Owner payment for the subcontractor’s work is a condition precedent to the contractor’s obligation to pay the sub. The harsh ramifications of these clauses, and the perceived superior bargaining power of large general contractors over specialty trade contractors, have led to legislative and judicial restrictions on enforceability. ... Read more.
By Steve Rizer
Concerns about “green washing” continue to impede the growth of more cost-efficient and sustainable healthcare facilities, according to a recent survey conducted by Corporate Realty, Design & Management Institute (CRD&MI) in partnership with IFMA (International Facility Management Association) Health Care Institute (HCI). The survey included a mix of architects, designers, engineers, hospital facilities managers, healthcare engineers, project managers, and contractors from 20 metropolitan areas across North America. ... Read more.
By Steve Rizer
The Construction Financial Management Association (CFMA) has encouraged the Financial Accounting Foundation (FAF) not to follow through with a plan to create a Private Company Standards Improvement Council (PCSIC) without further outreach to address various CFMA concerns. Under FAF’s plan, PCSIC would identify, propose, deliberate, and formally vote on specific exceptions or modifications to U.S. Generally Accepted Accounting Principles (GAAP) for private companies. ... Read more.