Construction insurance policies typically cover a wide range of risks, including property damage, bodily injury, and legal liability. And with many different insurance policies to choose from, it can be difficult to know what policies are right for your unique business.
Feb 22, 2024
Considered the traditional organizational structure for construction projects, the Design-Bid-Build (DBB) method follows three stages. Once a design is completed, the project is sent out to bid and then the project is built. It’s a very linear, one-thing-at-a-time approach, which allows owners to be fully involved in each stage.
Feb 20, 2024
For emerging general contractors, navigating the path from the inception of a project to its completion is a journey filled with challenges and learning opportunities. Project closeout is a critical phase that often determines the overall success of a project and uncovers just how well you managed the entire project.
Deciphering the Fine Print: A General Contractor’s Guide to Understanding Construction Specifications
Feb 19, 2024
In the architecture, engineering, and construction industry, the construction documents communicate the design requirements from the owner and designers to the general contractor. These construction documents form the basis of the construction contract between the owner and the GC for the construction project.
Feb 16, 2024
The completed contract method (CCM) is a construction accounting method that’s primarily used for revenue recognition. As its name implies, this approach allows construction companies to recognize all revenue, expenses, and gross profit after a project has been completed. It’s a particularly useful method of accounting when it comes to short-term contracts, and/or those with an unpredictable timeline and set of costs.
Feb 15, 2024
Establishing a construction bidding process streamlines bidding and improves the accuracy and quality of your bids. Ultimately this means more profitable work for your company.
Feb 14, 2024
Construction Manager At Risk (CMAR) is a project delivery method in which an owner hires a construction manager (CM) to oversee the entirety of a project. From the initial project design through the construction phase and close-out, the CM is responsible for closely monitoring the schedule and project budget to make sure the job stays within the contract price.
Feb 13, 2024
Revenue recognition is the method construction companies use to determine when to report revenue and profits in their financial statements. While that might sound overly simple, the long-term and often complex nature of construction projects can often make the process challenging for contractors.
Feb 12, 2024
There aren’t many industries as complicated as construction. From managing materials and labor, to keeping stakeholders happy, there’s a lot to juggle here. Without a solid plan and process in place, staying organized and on schedule is near impossible. What’s more, everything is connected – which means if one part of a job goes off the rails, more are likely to follow.
Feb 9, 2024
As the general contractor, the heavy burden of schedule management lies on your shoulders. To fully execute a holistic schedule, you need to analyze risk, understand the goals of all the stakeholders, and confirm the activity duration for each task. While the owner may not look at the line-by-line construction schedule, they will pay attention to the critical path and milestones throughout the project. This will give them an overarching view of the project and help them understand when major events are happening.
Feb 8, 2024
From bridges and roads to mini home renovations, every job needs two things to go from pre-construction to execution: enough funding, and a budget that will keep everything in line. Because you’re in business to make a profit, we like to think of a construction project budget as a tool that ensures you’re holding to your expected margins.