Archive for June, 2010
On March 19, 2010, the Federal Register posted their final rule on retention for federal fixed-price architectural and engineering (A&E) firms. This new rule gives the option of retaining up to 10% of payment due, but takes into consideration past performance of the firm. It also includes language requiring any unpaid balances be paid upon successful completion of the work and submission of the final invoice.
Read the Federal Register rule here.
AGC has issued a press release on a traffic congestion survey and the impact on the transportation construction industry.
Industry–Wide Survey Reveals “Staggering” Costs of Congestion while Lack of a Traffic–Relieving Federal Transportation Bill Forces Firms to Cut Staff, Reduce Equipment Purchases
Brooklyn Park, MN – Traffic congestion and the delays it causes are costing the nation’s construction firms an estimated $23 billion each year according to a new analysis released today by the Associated General Contractors of America. There is no relief from traffic in sight, association officials warned however, as Congress is months late in passing six–year federal transportation legislation, prompting more pain for the hard–hit construction industry.
“Traffic tie ups nationwide are sapping productivity, delaying construction projects and raising costs for construction firms of all types,” said Stephen E. Sandherr, the association’s chief executive officer. “Given the hardships they are facing, the last thing contractors need is to burn time, fuel and money stuck in traffic.”
Continue reading the press release here.