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There are a lot of risks inherent in construction projects. Contracts help minimize risks by expressly naming responsibility for costs resulting from unexpected circumstances. Back charges are an example of a contract clause that can reduce risks for owners and general contractors by charging contractors for added costs resulting from poor quality work, property damage, or negligence.

Many contractors will run into waivers in their construction careers, either as a clause of their contract agreement or as a condition of payment for services rendered. Despite their prevalence, lien waivers are often misunderstood, and contractors may sign them without a lot of regard as to the power they may carry.

Contracting companies regularly send and receive large sums of money in and out of their accounts. Increased collaboration between stakeholders on a construction job means a lot of shared data. Just like other industries that transfer a lot of money and information back and forth, construction is vulnerable to cyber security threats.

Accounting is a critical component of any business' operations, yet its importance is often overlooked. In construction, accounting issues often crop up as secondary issues like cash flow management, sending or receiving late payments, and loss of profitability.

When a contractor enters an agreement to provide building services, it comes with a good faith expectation that expedient payment will follow. Sometimes there are complicating factors that delay payments. When that happens, it can wreak havoc on the businesses involved and their relationships with one another. One of the steps a contractor can take to get paid and salvage those relationships is to send a demand letter.

We鈥檒l go out on a limb and say paperwork is probably not your favourite daily task. But billing, invoicing, and writing out contracts are all critical to your business's smooth operation. The better you hone these skills, the more likely you are to get paid correctly and on time, and that means better cash flow to take on the next big job.