Construction projects have slowed in South Florida as the COVID-19 pandemic continues. As workers are deciding to stay home, supply chain problems arise and developers are hitting the pause button, Becker hosted a virtual webinar “Construction, Contractors, and COVID-19” to discuss these concerns.
Led by Becker Shareholder Lee Weintraub, the panel included Janice Oliva, controller at Hollywood Woordwork, Doug Hutchinson, CEO of Meisner Electric, and Bill Parker, senior risk advisor at InSource/Acrisure.
The panel delivered great tips and advice including pacing your business and knowing that this may be temporary setback. Now is the time to create a new normal including increased safety protocols. Contractors should be aware that there may be a high demand for supplies when the economy opens up.
Lee discussed how many contracts include force majeure provisions, which allow for cancelations due to forces of nature or acts of God. All contracts are written differently so contractors and developers should review these contracts to see if COVID-19 is an acceptable reason to terminate the contract. The panel also discussed the financial impact of COVID-19 with Bill Parker offering insurance advice and when to file a claim.
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