登录查看更多内容

What are the best practices for managing risks and liabilities in property development and construction?

由人工智能和领英社区提供技术支持

Property development and construction are complex and dynamic processes that involve various stakeholders, regulations, and uncertainties. As a commercial real estate professional, you need to be aware of the potential risks and liabilities that can arise from these activities and how to manage them effectively. In this article, we will discuss some of the best practices for mitigating and transferring risks and liabilities in property development and construction, such as:

此文章中的业界达人

由社区从 4 条内容中精选。了解更多

1 Contractual agreements

One of the most important ways to manage risks and liabilities in property development and construction is to have clear and comprehensive contractual agreements with all the parties involved, such as landowners, contractors, subcontractors, consultants, lenders, and insurers. These agreements should define the scope, schedule, budget, quality, and performance standards of the project, as well as the roles, responsibilities, and obligations of each party. They should also specify the mechanisms for resolving disputes, enforcing warranties, and allocating risks and liabilities in case of delays, defects, accidents, or claims.

添加您的观点

Demetri Stakias

Founder @ Real Estate Relief | Investors in commercial properties. We buy in FL and PA
举报内容
In my experience it’s essential to be hyper focused on radical accountability. Always agree on paper: Who is responsible for each task in moving forward a project?

已翻译

赞

2 Due diligence

Another key practice for managing risks and liabilities in property development and construction is to conduct thorough due diligence on the feasibility, viability, and compliance of the project. This involves researching and verifying the legal, financial, environmental, technical, and market aspects of the project, such as zoning, permits, title, surveys, appraisals, soil tests, designs, specifications, costs, revenues, and demand. By doing so, you can identify and avoid potential issues, challenges, or pitfalls that could jeopardize the success of the project or expose you to legal or financial liabilities.

添加您的观点

Demetri Stakias

Founder @ Real Estate Relief | Investors in commercial properties. We buy in FL and PA
举报内容
In my experience working. With key attorneys will know the local neighborhood committees and key players in local government to make a difference in approving the permits and plans sooner. This saves us a lot of resources and prevents uncertainty and suffering

已翻译

赞

3 Risk management plan

A risk management plan is a document that outlines the strategies and actions for identifying, assessing, monitoring, and controlling the risks and uncertainties associated with the project. It should cover the sources, likelihood, impact, and mitigation measures of the risks, as well as the roles and responsibilities of the risk management team. A risk management plan should be updated regularly throughout the project lifecycle to reflect the changes and developments in the project environment and to ensure that the risks are effectively managed and minimized.

添加您的观点

4 Insurance coverage

Insurance coverage is a vital tool for transferring and sharing the risks and liabilities that may arise from property development and construction. Depending on the type, size, and complexity of the project, you may need different types of insurance policies to cover various aspects of the project, such as property damage, liability, workers' compensation, builder's risk, professional liability, environmental liability, and performance bonds. You should consult with an insurance broker or agent to determine the appropriate coverage and limits for your project and to review the terms and conditions of the policies.

添加您的观点

Demetri Stakias

Founder @ Real Estate Relief | Investors in commercial properties. We buy in FL and PA
举报内容
Builders hazard insurance is essential in case of an event outside our control. In my experience, the party wall fell on a new development. Being insured I didn’t do anything more than send the claim to them

已翻译

赞

5 Quality control

Quality control is the process of ensuring that the project meets the standards and expectations of the stakeholders and complies with the applicable codes and regulations. Quality control involves inspecting, testing, and verifying the materials, equipment, and workmanship of the project at different stages of the project lifecycle. Quality control can help prevent or detect errors, defects, or deviations that could compromise the safety, functionality, or aesthetics of the project or result in claims or lawsuits.

添加您的观点

6 Communication and documentation

Communication and documentation are essential for managing risks and liabilities in property development and construction. Communication involves establishing and maintaining clear, consistent, and timely communication channels and protocols among all the stakeholders of the project. Communication can help avoid misunderstandings, conflicts, or disputes that could delay or derail the project or lead to legal or financial liabilities. Documentation involves creating and maintaining accurate, complete, and organized records and reports of the project activities, decisions, and outcomes. Documentation can help track the progress, performance, and compliance of the project and provide evidence or support in case of claims or lawsuits.

添加您的观点

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Caroline Gerardo

Turnaround Real Estate Investments.
举报内容
Partnerships, syndications and buying with your family almost always ends in overages, cash calls, and disaster. This article is not useful. It's general and great for an middle school project.

已翻译

赞

Commercial Real Estate

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

What are the best practices for managing risks and liabilities in property development and construction?

1

2

3

4

5

6

7

1 Contractual agreements

2 Due diligence

3 Risk management plan

4 Insurance coverage

5 Quality control

6 Communication and documentation

7 Here’s what else to consider

Commercial Real Estate

给文章评分

感谢您的反馈

更多Commercial Real Estate相关文章

更多相关阅读内容

What are the best practices for managing risks and liabilities in property development and construction?

1

2

3

4

5

6

7

1 Contractual agreements

2 Due diligence

3 Risk management plan

4 Insurance coverage

5 Quality control

6 Communication and documentation

7 Here’s what else to consider

Commercial Real Estate

给文章评分

感谢您的反馈

查看其他技能