Meaningful Insight

Often, a company’s most valuable assets can be its “trade secrets.” The formula for Coke holds an immense value for Coke. What makes a trade secret so valuable is the fact that the secret is truly secret. What is a trade secret? Congress has defined a trade secret in a broad sense as all forms …

Contractors commonly enter into subcontracts with the same party concerning numerous, separate projects. These subcontracts sometimes contain “cross-default” provisions, which have significant implications on all outstanding subcontracts. You should know what a cross-default provision is, how to spot one, and how to use one for the benefit of your own business. What is a cross-default …

Waiting to get your retainage payout is an unfortunate reality for many subcontractors. Whether it is because there is work from others that needs to be completed, there is a dispute not involving your work between the owner and general contractor, or any number of other reasons, you continue to request payment and the only …

On May 26, 2022, Senate Bill 2D (“S.B. 2D”) and Senate Bill 4D (“S.B. 4D”) became law. The stated purpose of S.B. 2D is to lower the costs for insurance companies in the hope that rates for homeowners will be lower.  Also, S.B. 2D strengthens an insured’s ability to pursue claims of bad faith against …

In Florida, the law requires lawsuits to be filed within certain time periods. The time period depends upon the type of claim, for example, a claim for breach of contract has a different time period than a claim for tortious interference. In the construction world, different claims have different time periods. What is the “statute …

OSHA is planning on doubling its heat-related inspections during a three-year program that went into effect this past April. Pursuant to new guidance issued under its “National Emphasis Program,” OSHA seeks to ensure that employers are adequately protecting their employees from heat related illnesses. Of course, construction sites (in addition to other outdoor jobs) are …

Factoring clients always ask us what they could have done differently to avoid lawsuits with their Clients and/or Account Debtors. In some cases, the Factor does everything correctly and litigation is inevitable. However, over the past several months, we have had Factors engaged in lawsuits that were largely avoidable if the Factor had taken certain …

A relatively recent endorsement is becoming more and more prevalent in the construction industry, and given the large risks associated with it, we recommend that our clients make sure that it is not included as part of their policies. In addition, we strongly recommend that our clients make sure that their subcontractors are not carrying …

The risks to contractors and subcontractors on construction projects have increased exponentially in recent years, and we don’t see them slowing down with the rising costs of construction. Contractors are being forced to agree to extremely abbreviated project schedules and higher liquidated damages penalties than ever before. Combined with supply-chain disruptions and material shortages this …

One of a Factor’s main protections is its blanket security interest in all the Client’s assets, including the Client’s receivables. The security interest gives the Factor some level of protection that it will be able to be made whole in the event things go sideways. The security interest is most often provided for in standard …