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Advice for Managing Material Price Escalation -and- Electrical Contractor Essentials Class

NECA has created a program called Electrical Contractors Essentials, specifically designed for NECA’s small and medium-sized contractors. This one-day, virtual program will bring in experts to discuss different elements of business that all contractors need to know.

Thursday July 27, 2021 | 10:00 AM - 5:00 PM ET / (7:00 AM to 2:00 PM Pacific)

Finance

This session will discuss the key financial processes, facts, and figures that you need to be constantly aware of to keep the company running smoothly. Following the class, you’ll have an understanding of the components of financial statements, cash flow, profit fade, work in process schedules, cycle time, and the concept of margin versus markup.

Legal

The legal issues that electrical contractors can face are diverse and this session will focus on three key areas. First, every company routinely signs contracts for products and services, but those contracts may not be in the best interest of your company. Recommended clauses and provisions, what they mean, which ones to avoid, and how to include the correct ones will be discussed. Next, important wage and hour changes for 2020 will be reviewed to assist you with staying in compliance to avoid an audit or lawsuit. Finally, every business may face an incident or allegation that must be internally investigated. It is critical to conduct such an investigation or self-critical analysis in an effective manner, and this presentation will center on best practices in this area.

Insurance, Bonding & Risk Management

While you may have insurance policies in place, you may not be adequately covered. This session will discuss common coverage concerns and factors that affect business insurance premiums. Risk management culture, best practices for fleet/driving and workers compensation, as well as bonding, will also be discussed.


Note: Participating attendees in this program will receive a $99 credit for the NECA 2021 Convention in Nashville.


NECA Legal Alert: Practical Advice for Managing Price Escalation


Material price escalation is the biggest concern facing the construction industry this year. The prices of raw construction materials, particularly steel and lumber, have been rapidly increasing since early 2020. That has led to significant economic risk, which has fallen disproportionately onto the shoulders of NECA members.

While there is certainly no magic bullet, and members are encouraged to seek competent local legal counsel and financial advice, we trust that this white paper will assist with some general guidance and practical advice.

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