Video

  • 16 minutes

Cost-Plus and Fraud Issues

 
Fraud issues in the cost-plus area are much more complicated then kickbacks and bid rigging. That’s because there are so many different schemes in the cost-plus world. Owners generally bear responsibility for most costs on a project under a cost-plus contract. Architects sign contracts to act as a fiduciary towards an owner all the time. But what about contractors, should they act as a fiduciary?

As a contractor, in order to be a fiduciary to an owner you have a duty to act in good faith and with the owner’s best interests in mind; you have a duty not to incur unreasonable costs; and you have a duty to keep the owner informed of cost overruns. Lawyers and architects act as fiduciaries often. However, contractors and construction managers typically don’t act as a fiduciary. It’s not what they do. Contractors are in business to earn a profit, not to be held in a higher standard than the owner by the courts.

Our speaker, Carol A. Sigmond, reviews express fiduciary duty clauses and notices of substantial cost clauses. She also covers fraud and cost-plus case law.

Carol A. Sigmond is a Partner in the New York office of Cohen Seglias Pallas Greenhall & Furman PC.. She concentrates her practice on construction industry matters including contract preparation, mediation, litigation, suretyship, bid protests, appeals and arbitration. Ms. Sigmond has extensive experience in litigation of construction disputes for public works and buildings in both the public and private sectors. She is an experienced mediator and is on the New York County Supreme Court Commercial Division Roster of Volunteer Mediators and the American Arbitration Association’s Roster of Construction Industry Arbitrators.
Runtime: 15 minutes

Agenda

Faculty

Carol A. Sigmond

Carol A. Sigmond

Greenspoon Marder LLP

  • Partner in the New York office of Greenspoon Marder LLP
  • Concentrates her practice on construction industry matters, including contract preparation, mediation, litigation, suretyship, bid protests, appeals, and arbitration
  • Extensive experience in litigation of construction disputes for public works and buildings in both the public and private sectors
  • Experienced mediator and is on the New York County Supreme Court Commercial Division Roster of Volunteer Mediators and the American Arbitration Association’s Roster of Construction Industry Arbitrators
  • Former President of the New York County Lawyers’ Association, former Vice President of the New York State Bar Association for the 1st Judicial Department, and member of the New York Building Congress, GCA New York, SCL North America, CLSA, ABA, New York State Bar Association and New York County Lawyers Association
  • Frequent speaker and author on topics relating to Construction Law
  • J.D., The Catholic University of America School of Law; B.A., Grinnell College
  • Can be contacted at (212) 524-5074 or [email protected]

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today

Access to all training products $699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.