Banks and sureties assume the majority of risk in a lending or bonding relationship, but recent events in the banking industry show that contractors have risks to consider too. While these are different, less common risks than the traditional ones associated with insurance or subcontractor default, they carry similar consequences of long-term damage to your company’s financial position.
On March 16, Grassi’s Construction Team discussed best practices for mitigating contractor risk in the current banking environment.
Topics of conversation included:
- Addressing your concentration of credit risk
- Understanding your line of credit
- Using cash flow forecasting to combat banking risks
- Diversifying your banking relationships
- Incorporating these risks into your emergency response plan
Access the session recording to learn more about these strategies and developments in the banking market. For more information on managing your construction company’s risk amid this ongoing uncertainty, contact Carl Oliveri, Construction Practice Leader.
