Virginia and Oregon passed laws last year adding surety bond requirements for licensing of contractors. The Virginia law lets contractors post surety bonds in lieu of meeting net worth requirements, while the Oregon law mandates surety bonds of $30,000 for all contractors and subcontractors working on public works projects worth more than $100,000.
The fourth quarter saw a rise in general liability rates, commercial property rates and commercial auto insurance premium renewal rates. General liability rates rose by 1.9%, while business owner's policies increased by 3.9%.
2018 will be a "critical period of intensified risk," with extreme weather events and natural disasters highly likely, according to a World Economic Forum survey. Environmental disasters, cybercrime and the use of weapons of mass destruction are among the top global risks cited.
Companies must work to detect and combat construction fraud, as 70% of construction companies experienced at least one act of fraud in 2016. "The bottom line is that an organized system of paperwork and cross-checking can reduce the chances of undetected fraud," Kim Slowey writes.
Because British construction giant Carillion had joint-venture partners worldwide, the company's financial collapse is likely to harm many companies across the UK, North America and Europe; some of their shares have begun to falter. At the same time, Carillon's liquidation could bring business to competitors, analysts say.
One of the best ways to ensure participation in company compliance programs is to tie them into promotion and compensation, former SEC Enforcement Stephen Cutler says. Compliance incentives can take the form of "personnel evaluations and promotions, rewards for improving and developing a company's compliance program, and rewards for ethics and compliance leadership," according to the 2012 FCPA Guidance.
A law firm outlines what the new tax plan means for pass-throughs and other construction businesses. Among the changes are an increase to Section 179 deductions, a new deduction for some pass-through income and a limit on deducting business interest.
Alki Construction owner Phillip Numrich is facing second-degree manslaughter charges after the death of an employee who was working in a trench when it collapsed. The case marks the first time a Washington employer has been charged with a felony following a workplace fatality.
Construction delays on the $40 million, 15-story Grand Castle apartments in Grandville, Mich., may be contributing to an investigation by the Michigan Occupational Safety and Health Administration. The cast-concrete-panel building was expected to be completed in summer 2017.
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My favorite things in life don't cost any money. It's really clear that the most precious resource we all have is time.