Key Takeaways
- Growth requires the owner to progressively release control and build management systems—the hardest but most essential transition.
- Contract risk must be identified, negotiated, and priced—accepting unfavorable terms without compensation leads to project losses.
- Contemporaneous documentation is the foundation of successful claims—invest in daily logs, photo documentation, and correspondence tracking.
- Transparent communication with the surety during crises preserves the bonding relationship that enables future growth.
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Test Your Knowledge
1.What percentage of construction disputes does mediation typically resolve?
2.At what revenue level should a construction firm typically transition from compiled to reviewed financial statements?
3.How many hours does SOP development typically require per major business system?