How to Get Paid, Close Out Contracts, and Avoid Liquidated Damages
ABC of Minnesota and North Dakota is pleased to present this 90-minute seminar regarding getting paid for Change Order Requests and Claims, Closing Out Contracts in order to be paid in full and on-time, collecting Retainage, defeating Backcharges, Defending against Liquidated Damage Claims, and moving onto the next project.
Who should attend:
Project Managers, Project Executives, Presidents, and CFOs/Controllers
What will be covered:
- Creating Bid Terms and Conditions.
- During the project, learn how a contractor gets paid for and obtain time extensions for extra work, delays, and interferences.
- What are the four ways to amend a construction contract and why are these four ways important?
- Change Order.
- Construction Change Directive/Work Directive.
- Force Account.
- What is the Number One thing that contractors forget to do when signing Change Orders?
- At the end of the project, the Project Owner includes adds and deducts to a Final Change Order with a blizzard of backcharges and finally processes Change Order Requests.
- Learn how to deal with the agreed upon adds without having undisputed funds held hostage with disputed backcharges.
- Liquidated damages are imposed at the end of the project.
- Learn about the four primary defenses to a liquidated damages claim so that the Project Owner cannot charge your company for delays.
- If a contractor agrees that it is late, but does not want liquidated damages against its record, learn how can the liquidated damages be handled with a Close Out Change Order.
- Statutory remedy for Prompt Payment.
- Contractor must submit an invoice to the Public Owner even if the Public Owner’s Architect or Engineer refuses to prepare a Pay Application.
- How to defend against the Project Owner’s warranty and defective work claims as excuses to non-payment.
- Four case studies – learn from someone else’s problems.
- Aaron Dean handled these four cases through trial.
- Jury Trial. General Contractor defeats $3.0+ Million performance bond claim on a public construction project and recovers approximate $400,000 Contract Balance.
- AAA Arbitration. General Contractor recovers $1.5 Million and defeats Project Owner’s $15+ Million claim.
- Jury Trial. General Contractor defeats a threatened termination on a public construction contract and recovers $1.40 Million.
- AAA Arbitration. Subcontractor defeats General Contractor’s $1.50 Million Counterclaim, recovers $370,000 of legal fees, $200,000 of prompt payment interest, $729,000 Contract Balance, and damages on other claims.