Fairfield Connecticut Building Expert Directory

Legal Battle Kicks Off to Minimize Baltimore Bridge Liabilities

May 06, 2024 — Brendan Murray - Bloomberg
The owner of the ship that destroyed Baltimore’s Francis Scott Key Bridge, causing the indefinite closure of the port a week ago, is seeking to limit its liability to about $44 million. According to reporting by my Bloomberg News colleagues citing legal experts, the company — Grace Ocean — could face hundreds of millions of dollars in damage claims. On Monday it filed a petition jointly with Synergy Marine, which was operating the Singapore-flagged container ship Dali. They claim the collapse of the bridge was “not due to any fault, neglect, or want of care” of the companies and that they shouldn’t be held liable for any loss or damage from the disaster. Read the court decision
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Reprinted courtesy of Brendan Murray, Bloomberg

Park Avenue Is About to Get Something It Hasn’t Seen in 40 Years

February 05, 2015 — David M. Levitt – Bloomberg
Sometime next week, a metal frame will go up around the blocky brick tower at Manhattan’s 425 Park Ave., designed to protect pedestrians from falling objects. It’s a prelude to the building’s demise. In about three years, if all goes according to plan, the site will have a new Norman Foster-designed skyscraper more than twice the height of the existing one. The replacement would be the first new office building in almost four decades on what the developer, David Levinson, called New York’s “grand boulevard of commerce.” Read the court decision
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Reprinted courtesy of David M. Levitt, Bloomberg

Virginia General Assembly Tweaks Pay-if-Paid Ban

April 03, 2023 — Christopher G. Hill - Construction Law Musings
Last year, the Virginia General Assembly passed into law a ban on the so-called pay-if-paid clauses, effective January 1, 2023. I shared my thoughts and concerns with the legislation as drafted at the time of its passage. During this most recent legislative session, and among some other construction-related bills, the General Assembly sought to clarify its past enactment. The enrolled bill fills in certain gaps in the law as follows:

For both private and public contracts, the General Contractor, if it has good reason to withhold any payment, now has a maximum of 50 days from receipt of a proper invoice to notify its subcontractor of the reason for the withholding, including the contractual noncompliance, the amount to be withheld, and the lower-tier subcontractor responsible for the contractual noncompliance.
For private contracts, the Owner now has 45 days in which to provide any written notice of intention to withhold payment. This notice must include the specific contractual non-compliance and the dollar amount to be withheld. NB- Owners do not need to specify the subcontractor responsible for the non-compliance.

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Reprinted courtesy of The Law Office of Christopher G. Hill
Mr. Hill may be contacted at chrisghill@constructionlawva.com

SEC Approves New Securitization Risk Retention Rule with Broad Exception for Qualified Residential Mortgages

November 26, 2014 — Neil P. Casey & Lori S. Smith – White and Williams LLP
The Securities and Exchange Commission (SEC) and five other federal agencies recently approved a joint rule (the “Risk Retention Rule”) mandating that sponsors of certain types of securitizations retain a minimum level of credit risk exposure in those transactions and prohibiting such sponsors from transferring or hedging against that retained credit risk.[i]The final Risk Retention Rule will be effective one year after its publication in the Federal Register for securitizations of residential mortgages, and two years after publication for securitizations of all other asset types. The SEC vote was 3-2, with sharp dissents from Commissioners Gallagher and Piwowar concluding that the adopting agencies had missed a prime opportunity to rein in risky mortgage lending practices that had precipitated the 2008 financial crisis. Background Following the meltdown of the securitization markets in 2007 (particularly subprime residential mortgage-backed securities), and the resulting global financial crisis, the Dodd-Frank Act mandated that the U.S. federal banking, securities and housing agencies adopt and implement rules to require sponsors of most new securitizations to retain not less than five percent of the credit risk of any assets that the securitizer, through the issuance of an asset-backed security, transfers, sells or conveys to a third party. It was thought that requiring securitization sponsors to keep “skin in the game” would align the interests of the sponsors with the interests of investors and thereby incentivize the sponsors to ensure the quality of the assets underlying the securitization through appropriate due diligence and underwriting procedures when selecting assets for securitization. Although the Dodd-Frank Act explicitly exempted securitizations of certain types of mortgage loans called “qualified residential mortgages” (or “QRMs”) from this risk retention requirement, it invited the rulemaking agencies to define that key term, provided that their definition could be no broader than the definition of “qualified mortgage”adopted by the Consumer Financial Protection Bureau (CFPB) pursuant to the Truth in Lending Act.[ii] In considering how to define QRM, the rulemaking agencies were directed by the Dodd-Frank Act to take into consideration “underwriting and product features that historical loan performance data indicate result in a lower risk of default.”[iii] Reprinted courtesy of Neil P. Casey, White and Williams LLP and Lori S. Smith, White and Williams LLP Mr. Casey may be contacted at caseyn@whiteandwilliams.com; Ms. Smith may be contacted at smithl@whiteandwilliams.com Read the court decision
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A Deep Dive Into an Undervalued Urban Marvel

December 26, 2022 — Linda Poon - Bloomberg
Deep beneath the city, an intricate network of pipes and pumps carries our waste to treatment facilities. Ideally, the entire process is hidden from the eyes — and nose — of the urban dweller who, from the moment the toilet flushes, remains blissfully unaware of what it takes to direct billions of gallons of wastewater out of a city. The development of sewer infrastructure is one of the perks of modern urban living, rendering the consequences of our daily habits out of sight, out of mind — until it doesn’t. In the US and beyond, many sanitation systems date back to the early 20th century or earlier, and they’re showing their age: Increasingly heavy downpours as a result of climate change often overwhelm antiquated combined sewers that collect stormwater as well as wastewater, while leaky pipes and trash-laden clogs bring stinky backups that can poison local waterways. But as cities scramble to repair and update their networks, another challenge lurks: Getting people to stop taking for granted a public good that’s essential but invisible. Read the court decision
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Reprinted courtesy of Linda Poon, Bloomberg

Insured's Claim for Replacement Cost Denied

December 02, 2015 — Tred R. Eyerly – Insurance Law Hawaii
The Illinois Appellate Court affirmed the trial court's ruling that the insured was only entitled to the actual cost value of his loss, not the replacement cost. Lytle v. Country Mutual Ins. Co., 2015 Ill. App. LEXIS 756 (Sept. 30, 2015). The insured's home was built around 1903. On June 21, 2011, the insured discovered damage to his home because of a severe storm. He made a claim with his insurer, Country Mutual. The policy contained a depreciation holdback provision. The provision said the insurer would not pay more than the actual cash value until the actual repair or replacement was complete. If the insured elected to accept actual cash value, he would have one year from the date of the loss to repair or replace the damaged property and request the difference between the actual cash value and the replacement cost. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Insurance Law Hawaii
Mr. Eyerly may be contacted at te@hawaiilawyer.com

New WA Law Caps Retainage on Private Projects at 5%

May 29, 2023 — Brett M. Hill & Ryanne S. Mathisen - Ahlers Cressman & Sleight PLLC
This month, Governor Jay Inslee signed into law a new statute that caps retainage on private construction projects to five percent (5%), provides a mechanism for subcontractors to get paid their retainage prior to project completion, and allows for contractors and subcontractors to post a retainage bond and get paid their retainage early. For those interested in reading the full text of this new law, the statute can be found here. The new statute goes into effect on July 23, 2023. Under the statute, when a contractor or subcontractor considers their work under a contract subject to retainage complete, they may notify the party they contracted to perform the work for. Within 15 days of receiving the notice of completion of work, the party receiving the notice must respond with either (1) notice of acceptance of work or (2) notice of uncompleted items to the contractor or subcontractor. If the party receiving notice does not provide notice of uncompleted items within 15 days or fails to respond to the notice of completion entirely, the unpaid retainage will begin to accrue interest at a rate of one percent (1%) per month, 30 days after the initial 15-day period. However, this interest will not accrue against a contractor who has not been paid the retainage by an upper-tier contractor or owner until payment has been received, so long as that contractor has submitted its subcontractor’s notice of completion to the upper-tier contractor or owner within 30 days of receipt. Reprinted courtesy of Brett M. Hill, Ahlers Cressman & Sleight PLLC and Ryanne S. Mathisen, Ahlers Cressman & Sleight PLLC Mr. Hill may be contacted at brett.hill@acslawyers.com Ms. Mathisen may be contacted at ryanne.mathisen@acslawyers.com Read the court decision
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National Lobbying Firm Opens Colorado Office, Strengthening Construction Defect Efforts

January 05, 2017 — Beverley BevenFlorez-CDJ STAFF
Michael Best Strategies, a national law and lobbying firm, has recently opened an office in Colorado. According to the Denver Business Journal, the firm “has recruited several big-name associates — a move that could give business leaders even more clout with the Legislature on issues such as construction-defects reform.” One of the firm’s recruits, Jeff Thormodsgaard, the lead lobbyist in the recent movement to make it harder to sue condominium builders, told the Denver Business Journal, “The only change [in the construction-defects reform effort] is that we’re going to be adding more feet and more boots on the ground and more gravitas.” Read the court decision
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FAIRFIELD CONNECTICUT BUILDING EXPERT DIRECTORY AND CAPABILITIES