Clients of architecture firms are increasingly mandating “prevailing party” contractual provisions that allow the successful party in a dispute between the client and the firm to recover legal costs as well as any damages. Often, architecture firms find such provisions acceptable because they assume that if they have to sue a client for a fee, they can recover their legal expenses. However, clients usually are in a much stronger financial position and use such contractual provisions to their benefit by transferring their often exorbitant legal costs to the architecture firm in any dispute between the parties (or threatening to do so), thus forcing the architecture firm into surrendering its fee or otherwise compromising its rights. Read more »
The financial crisis of 2008 has had wide ranging and long term implications for many Americans especially architects who have faced severe hardship—with the closing or downsizing of many firms—leaving architects and their staff jobless for months or even years, according to a 2012 issue of Architectural Record. More recently, there have been improvements in the market—including the stock market reaching new record closes. These gains give us all reason to be optimistic about the future. Read more »
Two New White Papers
Disability, Accessibility & Liability—What an Architect Should Know
Did you know that architects can be sued for ADA or FHA violations in a multitude of ways—all relating to their project designs?
A brand new white paper on Disability, Accessibility & Liability tells you what an architect should know about these requirements. Find out about the pitfalls and preventative measures to avoid a lawsuit—and what to do if you are dragged into a case.
Click here to read the report.
Selling, Merging, Or Closing Your Practice?
Did you know the many financial considerations, firm culture issues, and impact to professional careers that must be considered when Selling, Merging, Or Closing Your Practice?
In case you missed a trip to the AIA National Convention in Chicago or didn’t make the seminar, find out how to choose the most suitable course of action for transitioning your firm ownership.
Click here to read the report.
As another member benefit, the AIA Trust regularly commissions experts to author white papers on cutting edge topics important to architects in managing their risks and running their practices successfully. See what’s available.
Whether you are planning to hit the highways or cruise the water, the summer has much to offer for your vacation and recreation time. As with any outdoor adventure, there comes a certain amount of risk. Follow these simple precautions to ensure that you and your family stay safe. Read more »
Did you know that 70% of industry professionals surveyed indicated that AIA’s design-build documents are the most preferred Design-Build documents? And now the 2014 versions of the Design-Build documents are available. The major updates include the flexibility to accommodate various ways in which a design-build project can be delivered, the addition of an Owner’s Criteria, and updated Insurance and Sustainable Project Exhibits. Learn more and get free samples at www.aia.org/designbuild.
No one likes to think about the misfortunes that might come our way. Whether you’re single or married, a parent or grandparent, insurance coverage can help ensure financial security for you and your loved ones. Insurance may be the key to helping safeguard your future. Read more »