Legal Services + Risk Management
LEGAL PERSPECTIVES Navigating property laws & regulations
Are Your Risk Management Processes Up to Date?
T
he construction industry is an inherently risky profession. From physical injuries to delays and cost overruns, it’s important to ensure that you’re ready for anything a project may throw at you. Although we can never eliminate risk, we can manage and mitigate it with proper preparation.
MARC A. SANCHEZ
Effective risk management requires the four P’s: planning, preparation, processes and procedures. This will ensure projects are completed safely, on time, and within budget. In addition, effective risk management gives your company the best chance to get paid and avoid dealing with costly claims and disputes. Once created and implemented, these risk management processes are not “set it and forget it.” Successful programs must be reviewed and updated several times every year. This includes conducting regular audits to ensure that standards are being met and fine-tuning existing systems to ensure that your company is identifying and properly dealing with critical risks, such as delay,
change management, subcontractor default, supply chain issues, poor project management, labor shortages, safety risks and payment disputes.
Plan ahead for securing payment
Are you sure you’re getting paid? What systems do you have in place to secure payment? Prior to contracting, your company should have a due diligence process to review your contracting partners’ ability and willingness to pay. Apart from asking for current financial information, including the details of any capital stack: • Ask your friendly competitors and trusted advisors.
10 • 20 • 30 • 40 Yard Roll off Dumpsters 2 • 4 • 6 • 8 Yard Front Load Dumpsters Topsoil • Mulch • Aggregates Boulders • Fill Sand • Clay We Accept Construction Debris, Clean Fill Dirt, Concrete and Organic Waste
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BOYAS RECYCLING
PETE & PETE
11311 Rockside Rd., Valley View, OH 44125 216-524-3620 www.boyasrecycling.com
4830 Warner Road Garfield Hts., OH 44125 216-441-4422 www.peteandpeteinc.com Properties | February 2025