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Indemnification is the contractual obligation of the subcontractor to return the upper tier contractor (GC/Owner/Property Manager) to the same financial condition that existed prior to the loss and/or to represent the GC as the sole source for financing the legal liability.
DCAA claimed that, for the subcontract costs to be allowable, Lockheed Martin had to provide documents showing it had: reviewed subcontractor resumes to confirm personnel qualifications; reviewed subcontractor timesheets to confirm the accuracy of invoiced hours; and tried to obtain incurred cost submissions from its subcontractors--contacting "the Government" for "assistance" if the subcontractors refused the request.
The ordinary position in the law is that the contractor is responsible vis a vis the employer for the actions, or inactions, of the subcontractors.
In a tight labor market, where the best subcontractors may not be available for months, a safety bonus system may relieve some of the stress in identifying quality subcontractors by helping to attract similarly safety-minded subcontractors.
However, due diligence also demands CPA firms evaluate the privacy and security practices of potential subcontractors.
Some options which a subcontractor can use when faced with a pay when paid scenario are set out below.
Was the proof of insurance adequate to prove the subcontractor was insured?
As such, the subcontractors in that case are not barred by the automatic stay from perfecting their prepetition unperfected "inchoate" lien rights during the debtors bankruptcy case by dispatching notices of lien.
There are also benefits for the subcontractors who typically have mutual interests in terms of developing successful working relationships.
With new construction projects announced throughout New York City, the amount of work performed by subcontractors will continue to grow, as will the need for STA services and representation.
The company also assigned its interest in undistributed retainage held by Lowe's totaling more than $200,000, money withheld from May Construction, which didn't pay subcontractors in full.