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September 6, 2012

A Recipe for Construction Project Failure

By Joseph Bonin


…have in common with Construction Risk Management? It was reported by The Florida Times-Union that a once successful and prominent construction firm in business for 78 years, had 20 liens in excess of $3.4 million filed against them in a period of three months. It was noted in the article that a key factor in these filings was that the firm had five major projects nearing completion at nearly the same time. Additionally, the firm was quoted as saying that disputes over payment and several cost overruns had aided in the default of payment to its subcontractors. This combined caused the firm to fail on its obligations and eventually dissolve. The financial shortcomings of the construction firm meant that a bond insurance company had to be called in to help complete the projects. Unfortunately, stories of this nature happen all too often.

Continue reading the GlobeSt blog here.

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