What does Construction Claim Mean?
Definition of Construction Claim in Construction
A construction claim is either a claim against the contractor, or the contractor’s bond, by the owner, or a claim against the owner, by the contractor. In both cases, the claim, is in most cases regarding money and or time required to complete the project. Construction claims are very common and can be an extremely important aspect of a contractor’s or owner’s continued existence. There are several consultants that specialize in construction claims. Bonding companies employ multitudes of individuals from scheduling experts to financial advisors to defend against claims against a bond. A construction claim can be processed in the court system or by an arbitration board, dependent upon the specific requirements of the construction contract.