Real estate and construction are majorly profitable industries; they are also industries whose actions can easily lead towards a lawsuit. The most notable of these lawsuits come through the form of injuries sustained or faulty installation claims made during the construction process. For any manager of a construction company, dealing with these lawsuits on their own can prove to be hazardous. To ensure that their construction business is protected, it is important to hire a law firm to protect your company and its actions. In particular, it is best to seek out commercial real estate lawyers that are specialized in the area of construction law.
Why Does My Business Need an Attorney
For most businesses, attorneys/lawyers can work with businesses at all times, helping them through the advising, advocating, and counseling of business deals with other organizations. If it is something that you do not have on-hire at all times, attorneys will be required in the case of a lawsuit (whether pleading a case of your own or defending you against a lawsuit). Similarly, in the construction of a project, a lawyer can aid you in settling builders risk coverage, which will ensure that a new building or structure is covered for existing structures or any additions, alterations, or repairs.
When to Hire a Commercial Real Estate Attorney
When working in the construction and real estate business, lawsuits are bound to take place. Whether one of your employees gets injured while working on-site, whether a bystander is injured in passing, or if a claim is placed in terms of faulty installation, your company can become enraptured in a lawsuit. Hiring attorneys who specialize in construction law can aid you in defending your company when a lawsuit arises. In 2015 alone, the American Arbitration Association (AAA) oversaw 551 construction lawsuits with claims of $500,00 or more (with the largest settled at $2.6 billion). Having protection against these claims is essential.
Hiring a Lawyer
While there are an endless amount of attorneys available for hire, some research will be required to find the right one for you and your business. In particular, you should be in search of attorneys who specialize in construction law or commercial real estate law. It might be in your best interest to similarly research cases they have covered in the past — how large the claims were, how the claims were settled, the size of the client’s organizations, etc.. This way you can figure out just what type of attorney will be the right one to defend your company.
According to the AAA, alternative dispute resolution (ADR) is the most common way that claims are handled in the construction industry. This method, which tend to last 232 days, is a conflict-management process achieved through mediation and arbitration, all outside of entering into a “lawsuit.” Through the mediation and arbitration process, attorneys can still represent your company and protect you from having to settle possible claims. If this process does not work, a lawsuit might be in order, but your commercial real estate attorney will still be able to defend you even within this setting.
To protect yourself and your construction company, it is in your best interest to seek out a construction-based law firm. These attorneys, all who specialize in your area of work and business, can ensure that you are protected and receive fair treatment against any claims.