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Commentary: 2012 Resolutions for the Construction Industry

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• Resolve—to read the dispute provisions of your contracts and know what to do and when if a dispute arises that cannot be settled amicably;

• Resolve—to give your lawyer the full story, complete documentation and as much legwork and assistance as possible to avoid added legal problems and greater expense;

• Resolve—to check up on your company's insurance coverages to make sure that you understand them and that they are adequate. Ask your insurance professional to explain the insurance company gobbledygook in plain English;

• Resolve—to make sure that if your company is a sole proprietorship, you have a proper trade name on file; if it is a corporation, make sure that you have filed the proper papers and reports with the Secretary of State; or, if it is a partnership, limited liability company or other entity, that you have complied with all legal filing requirements;

• Resolve—if you are a corporation, limited-liability company or other such entity, to use Corp., Inc., LLC or other appropriate designation on your letterhead, contracts and other identification;

• Resolve—to maintain good files and records, particularly when you expect problems;

• Resolve—if you are a corporation or other legal entity, to have annual meetings of shareholders, directors, members, etc. as required and keep minutes of those and other corporate meetings;

• Resolve—to consider having an annual checkup of fiscal, accounting, credit, legal, insurance and other business matters;

• Resolve—to be kind to your lawyer: he or she may be a grandparent.

Albert B. Wolf is a principal in the Denver law firm of Wolf Slatkin & Madison PC.  This column was written with the intent of providing general legal information intended to be reasonably accurate although not comprehensive. Readers are therefore urged to consult their attorneys for any specific legal advice they may desire concerning the subject matter of this column.

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