When it comes to how U.S. contractors should react to the negative effects of the global coronavirus pandemic, Steve Lesser, chair of Becker’s construction law practice recommends a “wait and see” approach. Instead of rushing, Lesser suggests slowing down since the fallout from the effects of COVID-19 may be unpredictable.
“The smart money rests on the principle that full speed ahead with a planned construction project does not make business sense,” he said. “Take a breath, slow down and know that every day may bring more information, and the more information we have the better we can predict what to do.”
Experts predict the pandemic will have ramifications for several aspects of U.S. construction including employee health and safety; material delays; nervous clients and lenders; quarantines and travel bans; legal issues; and global uncertainty.
Lesser, a past chairman of the American Bar Association’s Forum on Construction Law, says the best course in these uncertain times is continued vigilance and patience. “Until people feel more secure it’s going to be a roller coaster of a ride.” At this point, he says, “We don’t know how big it’s going to be, how long it will last and what its full impact is going to be.”
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