Why Private Dispute Resolution is Often Chosen Over Litigation

Why Private Dispute Resolution is Often Chosen Over Litigation

Jun 13, 2019

Summary: There are three common methods to resolve construction disputes in today’s industry. When it comes to disputes in the construction industry, one of the most efficient way and time-consuming ways to resolve them comes in the form of private mediation. With minimal litigation costs, the disgruntled parties will subject themselves to a sit-down overseen by a neutral third-party mediator. There are three basic methods commonly used: private mediation, arbitration, and private settlement. Mediation When a mediator gets involved, he or she will function as a neutral party that cannot take sides or decide who is in the right or wrong. Rather, the mediator’s job is to lead the parties to a mutually beneficial resolution. Each party can also obtain legal counsel if they wish, although it is not mandated. There are a number of advantages to mediation that include personal conflict resolution, reduced costs, and controlling each party’s fate. Arbitration During arbitration, either party can choose a neutral arbitrator to handle the entire dispute or choose someone to select a neutral party. The advantages to this method include relaxed rules of evidence, and quicker results. It’s a cost-effective way to settle. Settlement Choosing the route of settlement, the tactics mentioned above are combined into one. This is extremely useful when both parties are in the midst of litigation and realize that a settlement could be more favorable. The settlement facilitator will split both parties and offer a number until there is a mutual agreement. This is an extremely cost-effective way to reduced litigation costs and can end negotiations rather quickly. Blog submitted by Lyle Charles Consulting: Searching for construction consulting with an expert? Contact the folks at Lyle Charles Consulting to learn...

Understanding the Different Types of Construction Delays

Understanding the Different Types of Construction Delays

Apr 23, 2019

Summary: Construction delays can significantly impact a construction project. Here are some common delays that can occur on premises. When things go out of hand on a construction site, you may experience a series of delays. These delays could be a result of internal or external factors. Whatever the cause may be, a construction delay can significantly damage a company’s finances and can negatively impact the construction team involved – not to mention the client who expects the project to be completed in a timely manner. Understanding what types of delays exist can prepare you for emergency situations. Being able to identify these delays can also give you a better understanding of how to proceed and get the process running. Concurrent Delays These types of delays happen when multiple delays occur at the same time. This results in the inability to complete certain tasks and setting the project schedule back. Moreover, these delays likely will not result in monetary compensation, but the construction team may be granted more time to complete the project. Excusable and Inexcusable Delays Excusable delays involve events that are out of the company’s control. For instance, natural disasters or social unrest are two types of events that the parties cannot predict, therefore creating a delay. These types of delays can lead to compensation or an extension. Inexcusable delays on the other hand, are delays that the contractor can avoid. For instance, if there is a schedule error or a lack of proper supervision, the contractor is on the line. Having employees who are not equipped to handle certain aspects of the project are issues that could have been avoided. Blog submitted by Lyle Charles Consulting: Lyle Charles Consulting can provide extensive construction consulting services for all your needs. To learn more, contact Lyle Charles Consulting online...

How to keep your financial resolutions for 2017

How to keep your financial resolutions for 2017

Aug 28, 2018

Article Written by : Business and Finance Net Many will make new years resolutions and then forget them by the end of January. However, a new years financial resolution could mean that you are free of debt and have savings that will improve your financial health. Resolution No. 1: Setting a monthly budget – Budgeting is a good way to build long-term wealth, but getting started can be a difficult process. Here are a few tips: Know how much you make – You should take your final figure after all deductions have been made. Calculate how much you spend – Use a spend tracking app or use an excel sheet and this will help you log every dollar spent over a 3 month period. Know where you can cut back- Fixed expenses like rent or your mortgages are areas that will remain the same. But you can look at other areas like grocery bills, dining out, shopping, utilities, subscriptions etc. Adjust your numbers – Every month will be different and you will have to adjust your figures to stay focused on your goals. Resolution No. 2: Building emergency savings – Your emergency fund will see you through if you loose your job. Ideally, this fund should cover your expenses for at least 3-6 months. Here are a few tips: Monthly savings goal – Take a percentage of your income and ask your bank to directly transfer this amount to another account each month. Save windfalls – If you get any extra money in the form of gifts, bonuses or rebates directly transfer this to your emergency account. Earn more. – Look for ways to make extra money, like engaging in freelance work or getting a second...

3 Personal finance tips for small-business owners

3 Personal finance tips for small-business owners

Jul 28, 2018

Article Written by : Simply Credit Help If you are a small business owner, you will be accustomed to taking risks. However, your business is often your biggest asset and your main income stream. Therefore, making sure you and your business are financially secure is vital. Here are three tips for small-business owners. Establish an emergency fund – Business fluctuates. Sometimes your business will do better than other times. Therefore, creating an emergency fund to cover the months when your income is low is a good way to ensure that you can meet your monthly expenses. Look at placing your emergency fund in a money marketing account, as they will give you a higher return than other traditional savings accounts. Diversify – If you are a business owner that invests all your funds back into your business, you may want to rethink your strategy. Although investing in your business is a good idea, you should set limits to stop you from concentrating your assets in one area. Look at also investing outside your business, your industry, and your sector. This way if something happens to your business, you will still have investments elsewhere to keep you financially secure. Customize your investments – Speak to a professional to help you invest to make the most return on your investments. Investment professionals should guide you about the right time horizons, evaluate your risks and weigh your options to give you the best possible...

Tips to survive Trading Loss

Tips to survive Trading Loss

Jun 6, 2018

If there’s anything that is synonymous with the art of day trading, it is that you will have to undergo losses at one point of time or the other. While most traders who have accepted these losses have moved on to turn into profitable traders later, there are some who cannot accept these losses who eventually make several more mistakes that wouldn’t have occurred if everything went fine. Most experts say that it is important that you learn to accept these losses as they are just as important as making good traders, and so here is a list of survival tips that you can use to deal with trading losses: #1: Attitude is everything There are two ways of looking at the situation: either you can choose to hold it together and stay positive, or you can let the trading loss get to you, resulting in several more mistakes and which stems from a negative attitude. #2: Remember the Law of Trading Probability Every trade has a probability of winning and loss, and so, if you are expecting certain profits, it would be wise to reevaluate your approach to trading as a whole. #3: Look for support from others If you feel let down by the loss, then sometimes it is a good idea to seek guidance from your trading partner or even a mentor. They should be able to help you look at this loss from a different perspective that encourages you to continue trading. #4: Look at the loss as an opportunity to learn Instead of moping, ask yourself what you can learn from this particular loss regarding either market action or trading behavior, and in more cases than not, you do find some answers that might help you in the...