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CONSTRUCTION, REAL ESTATE & MINERALS INDUSTRY NEWS
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May 2017
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2017 Ohio Valley Construction Market Outlook Forum
The results are in from the 2017 Ohio Valley Construction Market Outlook Survey. For the second year, we surveyed construction industry executives in the Ohio Valley Region in order to capture industry benchmarks, identify best practices and discover emerging trends.
The forum features a panel discussion with regional industry executives who will share their insight on key findings from the survey. Anyone who completed the survey will receive a bound copy of the full report.
EVANSVILLE, IN - Thursday, June 8, 2017
Discussion Forum: 3:00 p.m. - 4:30 p.m. CDT
Reception: 4:30 p.m. - 6:00 p.m. CDT
Evansville Country Club
3810 Stringtown Road
Evansville, IN 47711
Panelists include speakers from:
- Capital Electric, Inc.
- Happe & Sons Construction, Inc.
- J.H. Rudolph & Co., Inc.
Register for the June 8th event online here.
LOUISVILLE, KY - Tuesday, June 20, 2017
Discussion Forum: 3:00 p.m. - 4:30 p.m. EDT
Reception: 4:30 p.m. - 6:00 p.m. EDT
Madrid Conference Center
545 South Third Street
Louisville, KY 40202
Panelists include speakers from:
- Advanced Electric Systems, Inc.
- Louisville Paving and Construction Company
- Valiant Construction, LLC
Register for the June 20th event online here.
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Fuel Tax Increase for Indiana Residents
Indiana hopes to speed up highway improvement projects with an increase in the gas tax. Indiana Governor Eric Holcomb signed a bill into law on April 27, 2017 that would fund a $1.2 billion project to improve Indiana's highways. Starting on July 1, 2017, Indiana residents will pay an additional 10 cents per gallon for gasoline, bringing the total tax per gallon to 28 cents. According to the Indianapolis Star, Governor Holcomb stated that he expects by June to have a list of projects for the Indiana Department of Transportation to prioritize for use of the increased tax revenues. At a press conference, the Governor joked by saying, " I can assure you come July, you and all of you, are going to smell fresh asphalt morning, noon and night."
The Indianapolis Star also reported that Ball State economist Michael Hicks said, "Today, the state doesn't really have a choice rather than to raise taxes in order to have enough revenue to finish I-69 or handle congestion around Indianapolis, around Lake County, around Porter county, around Evansville and both Cincinnati and Louisville (Ky). We're struggling to build through the builds we need."
Click here to read the full article.
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Issues With and Impact of Long-Term Warranties
Long-term warranties can increase the cost of construction projects. Travelers Casualty and Surety Company of America offers the several key points for contractors to consider regarding the warranty provisions of their construction contracts. Here are their top ten takeaways to consider.
10 Takeaways for Contractors
- Know what your contract says - and remember that everything in a contract is negotiable.
- Negotiate up front for the shortest reasonable warranty(ies) you can - ideally one year following substantial completion.
- The one-year call-back period is most likely in addition to other express warranties in the contract, so negotiate to limit the contractor's obligation to solely "passing through" warranties by subcontractors, manufacturers and suppliers to the owner.
- Retain language stating or negotiate contract term that the owner must notify the contractor of nonconforming work discovered within one year of substantial completion or the owner waives right to require correction.
- Negotiate for term that post-completion work is the exclusive remedy for deficiencies noted after substantial completion.
- Know and negotiate all warranties throughout the contract documents, including project manuals and specifications, and take that risk into consideration when preparing and pricing your bids.
- Warranties and other contract terms may not be consistent, so negotiate for an acceptable order of precedence of clause to be inserted into your contract.
- Beware of the "reset" mechanism that can extend your warranty exposure.
- If enforceable in your state, negotiate for a contractual limitation (e.g., one or two years) to limit post-project acceptance obligations.
- Consider involving your lawyer to assist you with contract negotiations as it may save you money in the long run.
Click
here to read the full article.
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Improving Jobsite Safety Requires Leadership at All Levels
According to a recent Construction Executive article, an accident-free environment is more attainable if all levels of employees are vocal about safety concerns that arise while on the jobsite. All levels of employees should feel comfortable bringing safety concerns to a supervisor, whether it be related to the quality of their hardhat or a piece of rented equipment that appears inadequate to complete a given task.
While all accidents may not be avoidable, contractors who strive for zero incidents use a proactive approach to safety by implementing a variety of programs. In a study by the Bureau of Labor Statistics, the six leading areas to focus on for an increase in safety performance are: the implementation of a substance abuse program, new-hire safety orientations, site-specific safety orientations, toolbox talks, near-miss/near-hit analyses and a establishing a site safety committee.
Read in-depth case studies
of three national companies pursuing-and in some cases achieving-zero incidents using a Safety Leadership at All Levels approach.
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ABOUT OUR CONSTRUCTION, REAL ESTATE AND MINERALS INDUSTRY
Because Harding, Shymanski & Company, P.S.C. is committed to providing quality service to our construction, real estate, and mineral industry clients, we have selected a team of dedicated professionals to serve as your industry's consultants. These individuals understand the language and key issues unique to your industry and possess the drive and determination to help you manage your company on a proactive basis. |
SEE WHAT OUR CLIENTS ARE SAYING...
As a small company we were struggling with several aspects of running a growing business. In a short period of time, with the knowledge of Harding Shymanski and Company (HSC) we have done a full circle. Their expertise with progress billing, over and under billing, financial reporting and Quickbooks knowledge has helped us observe measurable growth. The knowledge of their staff and support staff is over and above what we have encountered in the past and their prompt attention to detail and questions is outstanding. Each area of construction is different and HSC is well diversified in all areas of the construction industry.
- Ben Wagner, President, Capital Electric, Inc.
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Disclaimer: The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice.
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Harding, Shymanski & Company, P.S.C.
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