When, as expected, President Obama signs into law the National Defense Authorization Act, a new military spending bill, he probably won’t know about Section 874, which upgrades the minimum standards for surety-bond assets.
The Washington Post and The Dallas Morning News proved recently just how far construction has to go to climb out of the low, dark place it now occupies in the minds of some journalists.
Energy storage is a hot topic in California, where lawmakers are mandating that the state’s three biggest utility companies provide 33% of their electrical energy from renewable sources by 2020. Southern California Edison, Pacific Gas & Electric and San Diego Gas & Electric are mandated to buy a total of at least 1300 MW of energy storage to help make the plan work.
Key phrases that are included in many construction contracts, such as “Additional Insured” and “Notification Requirements,” can be maddening if not fully understood.
The effectiveness of contractual risk transfer is more strained than ever. Upstream parties have attempted to toughen the insurance requirements in their construction contracts, utilizing terms that truly alter the intent of the requirement. And, which may, or may not, be insurable. Insurers are pushing back.
“I’m Frank, your project manager. Welcome to our design center,” Frank Gomez said as he shook Ali Haddad’s hand warmly. A charismatic man in his 40s, Frank was a founder of the engineering firm in charge of the design, construction and operation of Amadeus Towers, the future home of Sapientia Financial.
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