One critical misconception is that a subcontractor’s bankruptcy means that it is going out of business. A bankruptcy by a subcontractor may actually be the method by which the subcontractor continues to operate. For many businesses, the legal process of bankruptcy may simply lead to a restructuring of debt, under Chapter 11 of the U.S. Bankruptcy Code, and operations rather than liquidation, under Chapter 7. div id="articleExtrasA" div id="articleExtrasB" div id="articleExtras" The real issue is what the subcontractor seeks to accomplish within the bankruptcy. For example, a subcontractor may seek to assign or transfer all of its obligations and rights,
So far, the way that an owner and contractor team decides to build a “green” building has been fairly standard. But that may change. Historically, the most successful green initiatives were those driven by tax abatements and credits, expedited permitting, density incentives, utility credits and other incentives. The majority of these came through the U.S. Green Building Council rating system for Leadership in Energy and Environmental Design. In this voluntary framework, the project is ultimately evaluated by the benefits weighed against the costs for achieving those benefits. Under these circumstances, the responsibility of a general contractor was detailed by the