March 28, 2014
Each December, Whitehorn Financial Group, Inc., sponsors the annual Architects’ and Engineers’ Roundtable in Philadelphia, PA. The event showcases professionals in the AE industry providing practical advice on various topics relevant to firm principals and leadership.
Victor O. Schinnerer & Company returned as a featured presenter at this year’s Roundtable. The company is renowned for developing a professional liability policy that was the first of its kind for the design industry.
In his seminar, “Mitigate Your Risk Through Six Practical Practice Strategies”, Frank D. Musica Senior Risk Management Attorney at Schinnerer covered key strategies to minimize risk when beginning a project:
Define payment terms: Make sure the written agreement with your client specifies payment terms, including compliance documentation. Unclear or unspecific payment terms, untimely billing and/or collection commonly precipitate claims among contracting parties.
Establish agreements: Use written agreements, rather than relying on oral ones. Putting pen to paper encourages everyone to be more conscientious about adhering to the complete terms of the agreement.
Engage in planning and review: Develop a project work plan to better define your risk, increase predictability of cost and schedule, improve operational performance, and experience fewer changes and disputes.
Once you have developed a plan, engage in a documented peer review to minimize client dissatisfaction, anticipate problems, and control the quality of design documentation. Always make sure the review process is structured and integrates construction input into project planning, design, and field operations. Doing so will reduce costs and schedule time, and improve the safety of field operations.
Manage submittals: During construction, maintaining an up-to-date, written submittal log is a key project management tool. Indicate the planned and actual dates you received each submittal, along with responses and the action taken. Tracking key submittal dates can mitigate your exposure to contractor delay damage claims.
Contact Steve@WhitehornFinancial.com for further information about Whitehorn Financial Group, Inc.’s A/E Empowerment Program® and the annual A/E Roundtable event.
Steve Whitehorn is the author of the upcoming book, Ensuring Your Firm’s Legacy, and Managing Principal of Whitehorn Financial Group, Inc., and is the creator of The A/E Empowerment Program®, a three-step process that helps firms create a more significant legacy and empowers them to achieve greater impact on their projects, relationships, and communities.
Visit us at www.WhitehornFinancial.com