Tag: Business & Corporate

The Internal Revenue Service (“IRS”) recently issued a press release on its website reminding tax exempt organizations to file their annual Form 990 to preserve their tax exempt status. The informational return is required to be filed by the 15th day of the fifth month after the end of the organization’s tax year.

Before the 1998 Commonwealth Procurement Code, the Administrative Code governed the process of contracting with the Commonwealth or an agency of the Commonwealth. The Procurement Code governs any transaction in which the Commonwealth purchases goods and services or expends funds, except when the Commonwealth is making grants or investments.

The Miller Act was enacted by Congress to provide a payment remedy to Subcontractors and suppliers who provide subcontracting work and materials on federal projects. Under the Miller Act, a prime contractor must post a payment bond in an amount equal to the total amount payable under the prime contract, securing payment for the prime contractor’s first and second tier subcontractors and material suppliers by entitling them to make a claim against the bond in the event that the prime contractor fails to pay.

Most people familiar with the construction industry are aware that Mediation and Arbitration provisions are ubiquitous in construction contracts. Industry standard contract forms – for example, those published by the AIA (American Institute of Architects) – very often contain Mediation and binding Arbitration provisions which provide that all disputes arising under the contract must be submitted to Mediation and or Arbitration for final adjudication. The vast majority of these provisions reference the American Arbitration Association and the AAA’s Construction Industry Arbitration Rules and Mediation Procedures, making the AAA the most common forum for the filing of Arbitration demands in construction disputes.