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OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. [1] [4] The traditional method for insuring construction consisted of each general contractor (GC) and subcontractor obtaining their own insurance policies from any provider of their choosing. In turn, they would build their policy ...
The ILO categorizes two forms of subcontracting, namely job contracting (where a subcontractor supplies goods or services) and labour-only contracting (the sub-contractor supplies labour only). Most of Namibia's labour hire companies fall into the second category as they merely supply labour to their clients. [1] [2] Historically it was ...
Some contractors appoint subcontractors to work under a "pay when paid" clause, sometimes called a "pay if paid" clause, where the general contractor will work with subcontractors and the subcontractors are only paid if and when the general contractor is paid for the work. [6] An example clause from a construction context reads:
Managing subcontractors takes a fair amount of organization. Once you have a pool of vetted subcontractors, make sure you build in risk assessments and contingency plans for new projects. These ...
General liability insurance. This insurance policy steps in if you find yourself in legal trouble. If someone sues you — say they slip and fall at your business or accuse you of slandering them ...
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
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