Every single year, the world continues to change and evolve and yet there is one thing that stays consistent: hiring attorneys is really important for all businesses that turn a profit. For instance, the United States construction market was estimated to have a value of nearly $1,162 billion in the year of 2016. As a result, this industry must have talented lawyers to help protect themselves from litigation and arbitration.
Some laws may vary from state to state and that is why talented attorneys are so important. For instance, per Texas law, a breach of contract claim must be filed within four years, unless the contract specifies two years. According to a 2005 review of civil cases filed in state courts, plaintiffs win bench trials 68% of the time and 54% of the time in jury trials. Here are all of the facts on why talented attorneys are so important.
It is important to know that a litigation attorney and other kinds of lawyers for construction companies are trained and educated to help you. So when you hire them, keep in mind that they are working for you and will help you succeed in your legal situation. Be honest and forthright with them and they will help you get the most out of your current situation!
Between April 2006 and January 2011, the construction industry eliminated more than 40% of its workforce. Builders risk coverage is written for a minimum one-year term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs. As fewer employees are utilized by the construction industry there are more pieces of technology used. This type of unpredictable variable is why attorneys are so important!
According to Colin Guinn of 3-D Robotics, drones will help engineers and architects tackle various construction tasks more accurately. Construction companies that use 3-D printers today mainly print concrete materials. While this is impressive, it can open up the doors for some danger for construction companies. Some people will be looking for a piece of machinery to make a mistake so that they can take a construction company to court!
The real reason why attorneys are so important deals with arbitration which is an absolute nightmare. In 2015, the American Arbitration Association administered 551 construction industry cases with claims of $500,000 or more. The largest mediated construction case was for $2.6 billion, while the largest arbitration case was $96 million. The total value of all claims and counterclaims in 2015 was $5.5 billion.
According to the American Arbitration Association, alternative dispute resolution, which has been shortened to ADR, is the preferred conflict-management process in the construction industry. The median time frame from filing to award for 2015 construction arbitration cases was just 232 days or less than eight months. Eight months is quite a lengthy period of time for someone to be wrapped up in a legal dispute and that is why the role of attorneys matters so much.
According to the American Arbitration Association, the largest case resolved by one arbitrator was a claim of $232 million. The smallest case was resolved by a panel of three arbitrators and involved a claim for just $23,000. As you can see, the size of the claim does not matter because both they all involved significant sums of money. So be sure to get as many talented attorneys as possible to help protect you and your company!
In Conclusion
There are legal situations every year that can potentially derail the hard work of a construction company and the project managers involved. So as a result, almost every business should have a talented team of attorneys or some sort of legal consultation to help them with any problems that may arise! That way everything can be smooth sailing and all will be happy.