The National Construction Contracts and Law Report for 2018 has been released, providing valuable insights into the legal landscape of the construction industry in the United States. This report, published annually by the American Bar Association, covers a wide range of topics related to construction law, including contract issues, insurance coverage, and risk management.
One of the key takeaways from this year`s report is the importance of having clear and comprehensive contracts in place for construction projects. According to the report, many construction disputes arise from ambiguities or omissions in contracts, highlighting the need for parties to carefully review and negotiate the terms of their agreements before commencing work.
Another important issue addressed in the report is the role of insurance in protecting against construction-related risks. The report notes that while insurance policies may provide coverage for common risks such as property damage and bodily injury, there are many other risks that may not be covered by standard policies. As a result, it is essential for contractors and owners to carefully review their insurance coverage and consider purchasing additional policies to address any gaps.
The report also highlights the importance of proactive risk management in the construction industry. This includes measures such as conducting thorough site inspections, implementing safety protocols, and maintaining accurate records of project activities. These practices can help prevent accidents and other incidents that could lead to costly litigation or project delays.
Overall, the 2018 National Construction Contracts and Law Report provides valuable insights and guidance for anyone involved in the construction industry. By staying up-to-date on the latest legal developments and best practices, contractors, owners, and other stakeholders can help ensure the success and profitability of their projects.