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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.
The subcontractors will also develop unsatisfied feeling towards the main contractors under this circumstance [21].
But the harsh reality in this market is, main contractors in general are lured by huge initial cost savings resulting from cheap subcontractor bids and take excessive risks by engaging them on a project while being unaware of looming dangers ahead.
Performed by XL Group's experienced SDI risk engineering team, Subcontractor Prequalification Benchmarking looks at a contractor's prequalification process including gathering information, setting subcontractor qualifications, and reviewing subcontractor financials.
Was the proof of insurance adequate to prove the subcontractor was insured?
There are also benefits for the subcontractors who typically have mutual interests in terms of developing successful working relationships.
subcontractor for Mobily, was also busy asphalting a road to finish the job.
A few weeks ago, the subcontractors hired to build Lot 4 of the Trakia highway threatened road blocks and civil disobedience over delayed payments.
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.
Instead of paying the subcontractors, May allegedly retained the money to keep his financially challenged firm afloat.