A Guide to the Laws Of Commercial Real Estate
The court of law is without a doubt a world of confusion if you are someone who is on the outside looking in. This is why so many people go out of their way to have a lawyer on retainer for basic purposes. Anything can happen at any time and that is why people want to make sure that they are protected from imminent threats in legal scenarios.
When working in the field of commercial real estate, the laws and parameters can be tricky and difficult to understand. This is further muddled by the fact that from state to state these laws can be different and these laws can change. There is no question that people should make sure they have a lawyer with them when getting into commercial real estate law. Here are all of the important information surrounding commercial real estate law.
Working with a construction attorney will provide a construction manager with a certain level of protection. This helps the construction manager be certain that they are following the construction law. The lawyers for construction companies are very skilled at handling commercial real estate law and will bring their expertise to the aid of a construction manager at all times.
As previously mentioned, there are some laws that are specific to certain states. For instance, the state of Texas has a law that states that the breach of a contract claim must be filed within the span of four years unless the construction contract specifically states two years. This is just one specific reason why it is important to know when to hire a commercial real estate attorney to help you out.
The concept of builders risk is something that is an intricate part of commercial real estate law. This type of coverage is written for a minimum one-year term to cover a new building or structure under construction. Builders risk can also cover an existing structure that is undergoing additions, alterations, or even repairs.
It is also important to know that the world of construction is changing and that can lead to great confusion when dealing with commercial real estate law. According to experts in the field of technology, the world of the commercial real estate and construction is going to change as the years go on. Drones will more than likely be used on construction sites across the world as the years go on and that is why it is important for people to get themselves a great lawyer to help them deal with the world of commercial real estate law.
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.
According to the American Arbitration Association, alternative dispute resolution is the preferred conflict-management process in the construction industry. The median time frame from filing to award for 2015 construction arbitration cases was just 232 days or less than eight months. According to the American Arbitration Association, the largest case resolved by one arbitrator was a claim of $232 million. The smallest case was a claim for just $23,000.
Understanding what to do in tight legal situations is not easy for anyone and is especially difficult for people who are outsiders in the world of law. Everything can move quickly when dealing with arbitration, claims, and even possibly violations of residential zoning and business laws. If you are going to seriously get invested in a large construction project then you will greatly benefit from hiring someone to help you with commercial real estate law.