What can the construction industry expect to go through from here?
Employers, customers and attorneys are asking themselves this question more often as of late. The field of American construction is going through a massive overhaul, both legally and financially, and it’s in your best interest to keep an eye on the changes. Every field has its own rules and regulations and construction is unique in a few regards, enough so a business litigation attorney can help you immensely with keeping your business above water. Professional help will help you keep track of new laws and shifting standards so you can spend less time worrying and more time getting back to the grind.
The construction industry had to eliminate over 40% of its workforce between 2006 and 2011. While a few years can sound like enough time to adapt, the reality is much different. This sudden shortage has caused millions of jobs to suddenly go belly up, leaving companies without money and workers without work. There are ways to protect against these unexpected changes, such as providing a reliable contract that’s altered to meet up-to-date construction law standards. Builder’s risk coverage, for example, is a minimum one-year term used to cover a new building or structure under construction.
Technological advances are also providing relief across the board. Colin Guinn of 3-D Robotics has been actively studying the effect of drones and 3-D printers on the construction industry. Drones have been helping engineers provide more accurate layouts while reducing the amount of time taken to survey the land in question, while advanced printers can create a large amount of materials in a shorter amount of time. Construction companies that want to keep up with demand need to reach out to printing services to streamline their output and give more flexibility to their strained workforce.
A lawyer for business owners will provide you knowledge specifically geared toward bringing out the most potential in your business model. Arbitration is fast becoming a preferred method of handling disputes in the construction industry due to its shorter timeframe and consistent results. Back in 2015 the American Arbitration Association oversaw 550 construction industry claims. The largest ever mediated construction case was for $2 billion, while the largest arbitration case was nearly $97 million.
As of now the largest ever case resolved by a single arbitrator was a claim of $232 million. A national study of civil bench and jury trials found breach of contract cases making up over 30% of civil cases filed across state courts. Plaintiffs, on average, will win bench trials nearly 70% of the time and jury trials 50% of the time. Should your construction firm come under fire for breach of contract or a similar accusation, attorneys are the first resource you should contact. It’s their job to know how to appeal your case in court and get you back in business.
Construction is only going to get more dynamic from here. Attorneys can help you keep pace.