IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Avoiding the Risk of Subcontractor Default (OnDemand Webinar)

$149.00

SKU: 410752EAU

Description

Learn best practice procedures for prequalifying subcontractors and managing subcontractor default risk.Like a chain, a construction team is no stronger than its weakest link. In these uncertain times of increased demand for construction, stretched backlogs, labor shortages, and cost escalations, the risk of subcontractor default is at an alltime high. Subcontractor default is the weak link that can turn an otherwise successful project into an utter failure overnight.This presentation will help people responsible for entering into and administering subcontracts to recognize the causes and telltale signs of highrisk subcontractors early in the constructive process. In some cases, default can be avoided by simply subcontracting with a different subcontractor. In other cases, proactive measures can be taken to avoid or mitigate the effect of terminating a highrisk subcontractor. This topic will explore some of the options available to general contractors, construction managers, and uppertier subcontractors to avoid the projectdestroying effect of subcontractor default.

Date: 2023-05-31 Start Time: End Time:

Learning Objectives

Introduction
• Overview
• What Is a Default?

Common Causes of Subcontractor Default
• Cash Flow Problems
• Too Much Work, Too Little Time
• Project Complexity and Inexperience
• Bid Busts and Defects
• Labor Shortages and Other Outside Factors

Early Warning Signs of High-Risk Subcontractors
• Effective Prequalification
• Performance Clues

Default Avoidance
• Effective Subcontract Terms
• Proactive Project Management
• Cure Notices
• Supplementation
• De-Scoping
• Mitigating Impact of Termination

Security
• Performance Bonds
• Default Insurance
• Other Forms of Security

Conclusion

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,ENG ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Scott D. Cahalan-Smith, Gambrell & Russell, LLP

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Avoiding the Risk of Subcontractor Default (OnDemand Webinar)

$219.00

SKU: 400367EAU

Description

Learn best practice procedures for prequalifying subcontractors and managing subcontractor default risk.Learn the elements of effectively protecting your company when contracting with trade subcontractors for construction projects. Learn the steps to take to check the ability of a subcontractor to perform a project on time. Receive critical subcontract provisions to include in your invitation to bid and your subcontract form. Finally, you will learn the specific steps to take when the subcontractor’s performance fails to meet your standards, as well as effectively putting a surety on notice to take action. This information will also look at risks from the subcontractor’s perspective, to avoid situations beyond the financial capacity and control which affect the subcontractor’s performance.

 

The Risks of Subcontracting
• Before the Project Starts – Evaluating the Subcontractor
• Traits of a Successful Subcontractor
• Bid Form – What to Require From the Subcontractor
• Insurance Against Failure to Perform
• Protection Against Bankruptcy
• Surety Bonds

Important Contract Provisions
• The Schedule
• Cure Provision
• Payment Terms

When Trouble Appears
• Default Termination Provisions
• Replacing a Subcontractor
• Notices to the Surety for Performance Bond

No Credit Available

Nicholas S. Papleacos-Chamberlain, Hrdlicka, White, Williams & Aughtry