A surety bond is defined as a three-party agreement that legally binds together a principal who needs the bond, an obligee who requires the bond and a surety company that sells the bond.[1] The bond guarantees the principal will act in accordance with certain laws. If the principal fails to perform in this manner, the bond will cover resulting damages or losses. When is a bond such as this used?
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Whenever we hear the terms Usury and Racketeering, we think of two things, organized crime, and the RICO Act. But did you know that these two terms are very common within the New York Construction industry? Whether you are a homeowner, a contractor or a commercial business owner, usury and racketeering come in many different shapes and sizes. What are the types of Construction Usury, and how can we protect ourselves?
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Renovating Carries Toxic Chemical Risks, but Hazards Can Be Minimized
During any home renovation project, care should be taken to protect the home’s residents from any toxic substances that might be removed or installed. Lead, asbestos and other harmful substances lurk in many homes and could cause serious health problems if disturbed. Here’s a look at some of the most common hazardous chemicals homeowners are faced with during remodeling and what can be done to reduce those risks.
The Law Offices of John Caravella, P.C. does not own this content. This content was created by COMMERCIAL OBSERVER CONTENT STUDIO . To view the full article, please click here.
Something’s happening with the industrial sector on Long Island, and some of the most established names in commercial real estate are taking notice.
Continue reading “Long Island’s Industrial Boom – A Commercial Observer Article”
Construction, in particular, adapts and responds to changes as a regular course of business. From changes in codes, regulations, and client preferences, staying abreast of the trends influencing the industry is essential for those who hope to earn their living from it.
Networking has always been an important function for anyone running a business.
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Long Island Construction Law does not own this content. This content was created by David Winzelberg , and was published to the Long Island Business News on March 11th, 2024.
A panel of Long Island construction industry executives said the sector continues to be challenged by the area’s plodding entitlement process and rising insurance costs.
When it comes to subcontractor agreements, there are numerous types of agreements that might be used and the fine print in these agreements can be crucial. Some documents, such as the American Institute of Architects (AIA) 401 and the Associated General Contractors of America (AGC) Form 640 serve as standard forms of agreement.
Long Island Construction Law does not own this content. This content was created by The Associated Press, and was published to the Long Island Business News on March 5th, 2024. To view the full article, please click here.
Renovations to Belmont Park are expected to pave the way for the racetrack to host the Belmont Stakes in June 2026. New York Gov. Kathy Hochul unveiled a construction timeline Monday that includes the $455 million project being fully completed by fall of that year, which could allow the Breeders’ Cup to return to the remade New York track as soon as ‘26, if not long after. The third leg of horse racing’s Triple Crown would be back from a two-year stint elsewhere with limited attendance and use of the newly opened infield space.
When you are working on a renovation project or building a home from the ground up, it is not just one person pulling the strings and leading the operation, learn the architectural hierarchy. Behind every architectural firm is a small army of individuals with specific roles and responsibilities to make your dream a reality. Within this article, we will share the chain of command within an architectural firm. To learn what you should be looking for when hiring such architects, please review our blog posting titled “Considerations When Hiring an Architect” below.
Long Island Construction Law does not own this content. This content was created by the Associated Press and was published to the Long Island Business News on March 22, 2021.
U.S. home builders are poised to benefit this spring home buying season amid strong demand, low mortgage rates and an all-time low inventory of previously occupied homes for sale. But soaring lumber prices and a shortage of construction-ready land could limit their ability to capitalize on the strong housing market trends, analysts say.
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The Law Offices of John Caravella, P.C. offers a free initial consultation with a Long Island construction attorney to discuss your legal concerns with no obligation. To schedule an appointment, call our office today or fill out the form below.
