The bread and butter of any construction firm in the Denver area is to get hired for and complete construction jobs.
There are many important legal issues that are unique to the construction industry. Perhaps most importantly, the business will from time to time have to bid on, negotiate and then follow through on construction contracts.
Construction contracts are complicated legal documents and will also require a business to take a host of other legal steps.
To give just a couple of examples, a subcontractor may need to secure an appropriate surety bond and insurance policy after winning a bid after signing a contract.
On the flip side, a construction company needs to make sure that if it does complete its work, it will get paid.
Because of weather, economic issues and other factors, contracts also frequently must be re-visited or may even require mediation or arbitration to resolve a dispute.
However, running a Colorado construction business involves more than just construction contracts.
Whether it is a small family operation, a developing enterprise or an established and well-known construction company, construction businesses will face other legal issues from the moment they open their doors.
- Hiring even 1 worker can mean a firm needs to be aware of and respond to its legal responsibilities to employees.
- In a sense, the lifeblood of a business is its contracts. A construction business will have contracts with suppliers, financing agreements, and real estate matters like buying or renting a property, just to name a few examples.
- Construction businesses will need to be aware of their legal liabilities for any injuries even if those injuries are not related to a construction project.
- Regulatory compliance, such as compliance with worker safety rules for example, is always an important part of a construction business. On a related point, businesses of all types frequently deal with state or federal taxing authorities.
- There can be ongoing corporate matters during the life of a construction business. For example, a family held business may have to go through a succession should a key leader retire or be unable to continue working.
Even when things are going well, businesses need to take care of their legal health
It can be tempting for a construction business to save costs by only getting a lawyer involved when there is a serious legal problem like the threat of a lawsuit.
A less risky and ultimately more cost-effective approach if for a construction business to constantly assess its own legal situation and take proactive steps to protect its rights and interests.