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In New Jersey (and virtually all other states), construction defect cases for common interest community associations are heavily reliant on expert witnesses. Even if a building system is obviously defective — in that windows...more
With material cost volatility in the current market, the topic of price escalation clauses is more prevalent. Some material costs are up and other costs are now down. Traditional lump sum contract structures do not take into...more
At the beginning of the COVID-19 pandemic, supply chain challenges caused production and transportation delays, as well as price increases, for construction materials. At that time, many contractors looked to include...more
Construction material prices have been extremely volatile, negatively impacting virtually all projects. Recently, VDOT issued guidance on steel escalation, but for VDOT projects only...more
Contractors learned many lessons from 2020-2022 on material/labor availability, price escalation, and contractual allocations of risk. Prudent contractors will consider this in contracts moving forward....more
The Pain of Inflation: Construction Companies Feel the Pinch as Prices Rise - "A recent report from the Associated General Contractors of America states that, from April 2021 through the first quarter of 2022, the price...more
The cost of construction materials has risen like never before. This, in turn, creates pressure for parties to use cost estimates and budgets rather than "fixed price" contracts. Providing cost estimates can therefore be...more
Charter schools have experienced some of the highest enrollment growth due to pandemic-related factors influencing how we rethink education. As a result, there continues to be significant increase in the renovation and...more
Inflation is hitting the country hard. Consider this: $1 million in January 2020 has the same buying power as over $1.7 million today, according to the Consumer Price Index inflation calculator. How much weaker the dollar...more
Rapid material price escalation is a costly reality of today’s construction industry. How long this escalation will be a reality is anyone’s guess. In the meantime, there are workable solutions; but those pressing for...more
The COVID-19 pandemic has lasted two years, and while offices, projects, and the rest of life begin to return to pre-pandemic normal, the construction material supply chain and costs have not. In fact, it appears as though...more
The annual inflation rate in the United States rose 7% in 2021, its highest rate since 1982. The construction industry has not been immune from this general trend, with steel prices rising 200% and lumber prices soaring as...more
Join Sherman & Howard for our annual Construction Law Seminar, featuring presentations on the latest legal developments facing the industry. This program is ideal for general contractors, subcontractors, real estate...more
Looming large on the 2022 construction landscape horizon is the specter of cost escalation claims. Over the past year, rising prices have become extreme, and the clauses governing cost escalation have come under greater...more
The current state of the construction industry as it concerns cost escalation and supply issues is one of uncertainty and time of performance problems resulting in increasing costs. There are major disruptions and delays in...more
As members of the construction industry are well aware, COVID-19 has created, and continues to create, production delays that have caused uncertainty in the availability and pricing of materials. Questions continue to be...more