The world of law is often overlooked in terms of value and importance, which is a funny statement on the surface. Everyone knows that paying attention to laws and obeying laws can help them avoid problems. Yet, most people do not understand why construction attorneys are so valuable and essential.
Recent stats have revealed that between April in 2006 and January in 2011, more than 40% of the construction workforce was eliminated from the construction industry. While this may seem like a random fact, it is not. As a matter of fact, this points directly to the changing landscape of this industry. Here are all of the facts on why construction attorneys are so important.
Builders risk coverage is written for a minimum one-year term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs. This is one of the areas where people will wonder when do I need a construction attorney. Well, you do at all times, so make sure you hire construction attorneys to help you understand why does my business need an attorney?
Construction law firm help can go a long way to anyone looking to build a residential home or a commercial real estate project. The Builders Risk Coverage Form from International Organization for Standardization is also known as CP-00-20 in the technical terminology. This is the basic avenue to builders risk coverage in the simplified language commercial property program. Hiring talented construction attorneys can go a long way in understanding this.
In 2015, the American Arbitration Association administered 551 construction industry cases with claims of $500,000 or more. The largest mediated construction case was for $2.6 billion, while the largest arbitration case was $96 million. The total value of all claims and counterclaims in 2015 was $5.5 billion. These types of large money claims matter for a construction company trying to make money and stay on the right side of the law and point directly to why construction attorneys are important.
The American Arbitration Association as created the alternative dispute resolution which is now the preferred conflict-management process in the construction industry. In 2015, the average time frame from a company filing to being awarded managed to reach nearly 232 days or less than eight months. This time frame is tense and important, and thus it is essential to hire the proper construction attorneys to help.
The same association, the American Arbitration Association, has revealed that the largest case solved by just one arbitrator resulted in a claim of nearly $232 million. On the other hand, the smallest claim ended up being nearly $23,000. It is important to also understand why construction attorneys are so important in the modern era as technology plays more of a role across the country.
According to Colin Guinn of 3-D Robotics, drones will help engineers and architects tackle various construction tasks more accurately. Furthermore, construction companies that use 3-D printers today mainly print concrete materials. So as technology grows and changes the world, construction companies need to have talented construction attorneys to help with any law problems.
In Conclusion
In 2016, the United States construction market was worth approximately $1,162 billion. This high value means that this industry is liable for facing serious problems. So make sure that you have talented construction attorneys on your side before you begin a construction project!