Construction experience teaches us that an improving economy lifts some boats but may sink others. Ironically, the most vulnerable time for construction suppliers and trade contractors to fail is when the economy and construction activity improves.
Contractors are now navigating increased obstacles they have never faced before, such as the lingering effects of COVID-19; vaccine mandates; supply chain delays and disruptions; and the lack of necessary equipment, materials, and labor workforce – any one of which, alone, could threaten the performance and existence of previously-healthy companies.
This 90-minute webinar will explore how these dangers, if not correctly and proactively addressed, could lead to an increasing number of subcontractor defaults and bankruptcies; how subcontractor defaults and bankruptcies may impact a contractor and its projects; and what contractors should do to mitigate and manage these critical risks, including the risk of non-payment from a financially distressed owner.
You will learn:
• Best practices to prequalify your partners to minimize the risks
• Tell-tale signs of financial distress; and proactive steps you should take to mitigate this risk once it arises
• Insights reflected in newly revised ConsensusDocs performance and payment bond forms that provide innovative provisions you should consider incorporating.
G. Marshall Kent Jr. Partner, Fox Rothschild, LLP.
Marshall practices in the areas of creditor/debtor rights, construction and bankruptcy litigation, commercial and general corporate law. He represents numerous individual and small business clients, as well as larger, well-established general contractors, subcontractors, and suppliers in a broad array of corporate, commercial, and bankruptcy-related legal matters. He also regularly represents clients in litigation matters pending in state and federal courts, as well as alternative dispute resolution proceedings involving mediation and arbitration.
Rachel Walsh. Regional Vice President, Surety Claims – Northeast Region for Liberty Mutual Surety.
Rachel Walsh is Regional Vice President, Northeast Claims for Liberty Mutual Surety. Before joining Liberty Mutual, she practiced law at Krebs, Farley & Pelleteri, PLLC in New Orleans, Louisiana where she focused on surety and fidelity law and construction litigation. She is a Vice Chair of the American Bar Association Fidelity and Surety Law Committee, Vice President of the Philadelphia Surety Claims Association, and a member of the Louisiana Bar Association, Surety Claims Institute and National Bond Claims Association.
Philip E. Beck. Partner, Smith Currie and Hancock LLP.
Philip E. Beck is a partner in the Atlanta office of Smith, Currie & Hancock LLP. His practice focuses on construction law, government contracts, and commercial litigation. Phil is experienced with a broad range of construction issues. His experience includes representing clients on a wide range of public and private construction projects throughout the United States and abroad. He has drafted and reviewed thousands of design and construction contracts on behalf of owner, developer, general contractor, subcontractor, supplier, architect/engineer, consultant, surety, design/builder, and construction manager clients.