The world is changing every single year and as a result, how business is conducted continues to change as well. Look no further than the construction industry as a primary example. Not only is technology changing the construction industry, so is the world of law and arbitration. As a result, lawyers for construction companies are becoming more and more important!
According to Colin Guinn of 3-D Robotics, drones will help engineers and architects tackle various construction tasks more accurately. A lot of the concrete materials used by construction companies are printed by way of 3-D printers. This is surely changing the world of economics and construction companies. So here are all the facts on lawyers for construction companies and arbitration.
According to a 2005 review of civil cases filed in state courts, plaintiffs win bench trials 68% of the time and 54% of the time in jury trials. In just the year of 2016, the construction market in the United States was worth approximately $1,162 billion. This high level of value points directly to how important lawyers for construction companies are because more value will attract people looking to try and take companies to court.
Commercial litigation and appeals court are a scary situation for construction companies because they can lose serious money. Thus, having reliable lawyers for construction companies and litigation attorney workers help out a lot. Arbitration can get messy, especially when the victims are relentless in this process.
In 2015, the American Arbitration Association administered 551 construction industry cases with claims of $500,000 or more. The largest mediated construction case was for $2.6 billion, while the largest arbitration case was $96 million. The total value of all claims and counterclaims in 2015 was $5.5 billion. The one thing that most people can understand without having a lot of knowledge is that this money all adds up and has a lot of value. Thus, lawyers for construction companies are essential in protecting this money!
The preferred method of conflict-management in the construction industry is the alternative dispute resolution, according to the American Arbitration Association. In 2015, the average time frame for filing a dispute to being awarded for construction arbitration cases managed to reach just about 232 days, or less than just about eight months. This type of long period of time will require lawyers for construction companies that are talented and focused.
According to the American Arbitration Association, the largest case resolved by one arbitrator was a claim of $232 million. The smallest case, which was resolved by a panel of three arbitrators, was a claim for just $23,000. Per Texas law, a breach of contract claim must be filed within four years, unless the contract specifies two years. These laws can potentially vary from state to state, which again points to why lawyers for construction companies have so much value!
Any company that has a high value for a construction company needs to make sure they work hard to protect themselves. If not, they can end up in a position where they are losing out on serious money.