How To Make Sure Your Subs Can Finish The Work
Earlier this month, a subcontractor default insurance company filed suit against an electrical subcontractor in New York state court. The claim: a $12.8 million loss caused by the subcontractor’s admitted failure to complete electrical work under a subcontract at the Whitney Museum of American Art in Manhattan.
There is an ever-growing group of contractors who have been bitten by subcontractor default and have regretted not doing more to mitigate the risk beforehand.
The construction industry continues its strong growth since hitting rock bottom following the financial crisis. While contractors used to worry about finding work, the most common concern today seems to be finding qualified resources to perform new and ongoing projects.