Contractors and owners obtain builders risk policies to protect themselves from risks associated with construction. But a lack of care in understanding and negotiating the provision of the construction agreement governing the builders-risk policy and the policy itself may lead the parties to expose themselves to needless and significant liability.
What owners and general contractors
On July 14, 2009, Oregon Governor Ted Kulongoski signed HB 2434 passed in June by the Oregon Legislative Assembly. Although a chapter number has not yet been assigned to the new act, the law will go into effect for building defect claims that arise on or after January 1, 2010.
As addressed in prior Legal
Oregon HB 2434, passed by the House of Representatives on May 4, 2009 and by the Senate on June 22, 2009, is currently awaiting the Governor’s approval or veto. The bill would reduce from 10 years to six years the maximum time period during which an owner of a "large commercial building" could assert claims
Ahead of Schedule focuses on legal matters critical to the construction industry, offering insights, analysis, tips and updates regarding the law of project development, design and construction. The authors have well over 100 years combined experience in construction litigation and contract negotiation, along with prior office and field experience in engineering, construction and accounting. Stoel Rives’ work
All large commercial property owners and developers should be aware of a substantial risk that Oregon’s statute of repose for construction and design defect claims may be shortened from 10 years to 6 years if HB 2434 (available here) passes. Though similar bills were unsuccessful in years past, this year the sponsors have carved out