Condos happen: How is your multi-family practice at risk?

Submitted by hastihejazi on Tue, 09/10/2019 - 15:27
LU Credit
Multi- family residential continues as a hot market and offers attractive design opportunities for architects… but carries significant risks. Condominium projects exponentially increase that risk, so much so that accepting too much condo work can affect a firm’s insurability. Market-driven conversions of rental properties to condominiums pose serious and unanticipated dangers with long-term consequences to your practice. Presenters will explore various risks associated with these projects: including the unique risks presented during design, construction and beyond; as well as value engineering; vanishing and changing clients; substitutions; repeated errors; marketing and more. During this session, you’ll learn how to identify these risks as well as the best approach to manage and mitigate multi-family risks. Presenters will examine how practitioners can mitigate risks through contractual provisions; use of various insurance products; client and team evaluation; appropriate use of mock-ups and testing; condo documents and more. By attending this program, attendees will gain valuable information to assist them to responsibly determine if a multi-family project is right for their firm and the best ways to manage their risk thereafter.
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