Unless you were alive in 1918, you simply haven’t seen a situation that resembles the environment we’re in now. The COVID-19 virus has spread rapidly throughout the globe, quarantining entire populations and wreaking havoc on the global economy. While our first concern is certainly with the health and safety of our customers, partners and colleagues, we recognize that we can only indirectly support the medical front. However, as experts in the equipment and machinery management, we can directly help business affected by this unprecedented economic slowdown.
Many of our customers have been asking us how to account for costs incurred for projects that are either slowed or suspended due to this pandemic. A recent survey from the AGC indicated that more than 1 in 4 contractors have had projects delayed. And there’s real concern that these could be extended beyond 2-3 weeks, based on how the medical situation progresses and how local and state jurisdictions decide to combat the spread.
Again, safety first. But you’ve got equipment in the field, and hard decisions to make about its disposition. Do you demobilize or stay deployed? Is remobilization covered? Can you hold your crew in readiness? Are you entitled to labor compensation? Typically, a contract has specific terms and conditions regarding project suspension, which cover in detail how standby equipment and labor costs are handled. But do those contracts cover national emergencies and the type of state-mandated shutdowns we’re seeing today? Hopefully. It depends on your specific contract.
But there’s good news. While you work out the legal specifics, there’s one thing you absolutely can do to take charge of your situation: know your equipment costs! However your contract may be written, it’s critical that you document your ongoing delay-related costs so that you can recover all that you’re entitled to. That’s where EquipmentWatch comes in.
Our Rental Rate Blue Book is the gold standard for equipment cost reimbursement. This neutral, third party data instantly provides active rates, standby rates and idle rates for all your project-dedicated equipment. Simply select or load your equipment and let EquipmentWatch automatically generate rates that you can confidently submit for reimbursement. Project owners also know and trust EquipmentWatch, so there’s no haggling or arguing, and you get paid faster.
We get it. It’s a tough time for everyone; nobody asked for this, and it’s nobody’s fault. But if you’re a contractor with capital tied up in newly inactive equipment, we can help. Login to your account at app.equipmentwatch.com or request a demo with one of our experts today.
Stay safe, stay healthy, stay smart.
Marketing Director, Informa