There are many restrictions on the way the construction industry can do business especially with shelter in place orders. Construction is still considered an essential business. If your construction project is moving forward consider the following as the project proceeds: As always and especially now, good communication with lenders, consultants, owners and general contractors is essential. Video conferencing is a good person to person alternative and is a good way to alleviate any tension or mistrust that may arise.
Doing virtual walk through inspections should be used as needed to see what work has been completed and can help to keep projects on track and lessen delays. Many projects have been halted as a result of a delay in the delivery of construction materials. You need to ask, are the materials arriving on time, has the supplier closed until further notice, should you be looking to alternative vendors and suppliers to keep the project on track?
The current state of affairs has caused schedules to be adjusted and plans revised, whether it be delayed delivery of materials or enough labor on site to keep the project moving forward. It may be necessary to revise a completion schedule with the help of your funds control consultant. Controlling costs is essential. Review all of the items that may effect the budget such as reduction of the workforce, labor shortages, material shortages or schedule issues.
Review all of your legal documents to see where the areas of possible risk are. For example, review your loan agreement or contractor's agreement. What are the provisions of your contract? Does your contract have a force majeuse event provision in it that removes your liability?
Safety protocols are typically in place for a typical commercial construction project. A new set of protocols need to be used for Covid 19 to help alleviate concerns for safety of all involved. For example, staggering start times for different trades, rotating breaks, daily sanitation/cleaning, a mask requirement, taking temperatures, social distancing etc... The new protocols may provide parties involved with some peace of mind and enable a project to move forward successfully.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
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