| THE NATIONAL FLOOD INSURANCE PROGRAM & THE CONSTRUCTION INDUSTRY |
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| The National Flood Insurance Program (NFIP) is a program that allows property owners in participating communities to obtain insurance for losses against flooding. Flood insurance is designed to be an alternative to disaster assistance in the event of a flood. More... |
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| Bankruptcy Law - Effect of Bankruptcy on Construction Project |
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| When a general contractor, subcontractor, or supplier cannot pay its debts in the ordinary course of business and files for bankruptcy, there can be substantial ramifications to the construction project. The completion of the project itself can be jeopardized, and payment for the services or materials already received or contracted for is most certainly affected. More... |
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| Bidding on Private Contracts |
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| Private construction contracts can be awarded directly without resort to competitive bidding. However, some owners call for bids to aid them in their decision as to the best contractor for the particular job at the best price. Bidding on private contracts is less structured than bidding on a public contract. There is no statutorily prescribed bid process that must be followed in order for a bid to be accepted. More... |
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| Retainage, In General |
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| A retainage is a portion of the payment owed to a contractor that is withheld by the owner. The retainage amount is usually comprised of a pre-established percentage of the amount earned and due to the contractor. The construction contract will provide the details as far as percentage retained and retainage procedure. More... |
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| Impact Fees |
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| Municipalities assess impact fees against new land developments in order to fund the extension of public services and facilities to the development. The fee, which is paid by the developer, covers a part of the costs that the municipality will incur in providing the necessary facilities. Such facilities can include transportation lines, water and sewer systems, public thoroughfares, schools, and police and fire stations. More... |
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