In suits alleging negligence in the performance of professional services, well-drafted documents and well-kept, comprehensive records are the strongest defensive weapons available to professionals. The following practices and procedures can be vital to a firm’s continued profitability in the face of costly litigation. Planning phase Put all agreements for the performance of services in writing,…
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Employee Benefits Help Maintain Firm Success
Your firm’s success relies on the talent, experience, and dedication of your employees. Without them, your firm may not succeed—which is why most consider their employees to be their most valuable asset. Offering your employees good benefits, including salary, health care coverage, and retirement incentives is key to retaining your top employees and in return,…
Read MoreInsurance Concerns in Mergers and Acquisitions
As architects continue to face economic challenges in the architectural and broader economic community, merger and acquisition activity is again increasing in the design firm world. Unfortunately, concerned more about clients and culture, too many firms wait until the last minute to consult with their insurance advisor. This is a bad mistake that can cost…
Read MorePlanning for Your Financial Security
Safe driving and accident prevention may help to ensure your safety, yet you can still be the victim of someone else’s mistake. Accidents kill someone every 4 minutes in America according to the 2010 Injury Facts report by the National Safety Council. In fact, accidents are the leading cause of death for adult Americans under…
Read MoreProject-Based IPD Insurance Coverage
The shared-risk/shared-profit collaborative nature of Integrated Project Delivery results in many aspects of the relationship being defined contractually. But it is unclear how courts will construe the provisions of multi-party agreements with extensive waivers of rights, unusual limitations on risk, and blurring of responsibilities. The delivery system, with its emphasis on contractual liability rather than…
Read MoreLender Assignment and Certification Requirements
In today’s economic climate, more and more, architects are being asked to address client issues relative to financing, assignment and certification. Every architect should be knowledgeable on these issues and approaches. When a client insists on assigning contractual rights to a lender that requires consent and certification of project information, most of the resulting issues…
Read MoreProtecting Your Firm When Going Green
In order to protect your firm, contractual provisions such as disclaimers and other exculpatory language need to be carefully worded. Firms should assess the risk of project-specific provisions and work with local legal counsel to craft them appropriately. This is especially true when the provisions include any waiver of claims, requirements for a legal defense,…
Read MoreTo Shred or Not to Shred
Every firm has documents that should be destroyed, not simply discarded. Documents must be destroyed because firms need to maintain confidentiality when dealing with employee, client or business records that contain personal or proprietary information. Furthermore, firms need to develop a formal document destruction policy that includes a schedule that is adhered to consistently. Every…
Read MorePlanning for Your Family’s Financial Security
Safe driving and accident prevention may help to ensure your safety, yet you can still be the victim of someone else’s mistake. Accidents kill someone every four minutes in America according to the National Safety Council. In fact, accidents are the leading cause of death for adult Americans under the age of 44. They are…
Read MoreBrace for Natural Disasters
Storms, especially hurricanes, can cause catastrophic damage along coasts and several hundred miles inland. They also trigger deadly floods, tornadoes, landslides and torrential rains. The tips below can help you, your family, and your firm prepare for a variety of natural disasters.
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