Modern construction is a very time-consuming industry based on long traditions. Many practices used today date back to the end of the 1800s. Two contract types still in use today from then include Cost Plus and T&M. The AGC is founded in 1918 by presidential executive order in response to efforts needed to win the First World War. Subscribe to never miss new videos here: https://rb.gy/q5vaht
Chapters
0:00 Construction is dangerous
I don't think I need to tell you that we work in a very dangerous industry. We work in a very time-consuming industry. We work in an industry that has traditions and practices that go back to the end of the 1800s.
0:13 Modern construction dates back to the Civil War times
Modern American construction starts roughly right around the time of the Civil War.
0:19 Why The EBFC Show exists
0:22 Cost Plus and T&M contracts
Two forms of construction started with two or three of the oldest construction companies in the world. Basically, what we would now call cost plus, which is time and materials plus and arranged profit or there's fix sum both of these styles of construction started legislation at the national level, which happened 1890s or so which attached sureties to public works to that there was a guarantee a building project that has any tax money involved in it to ensure the completion they stand behind the general contractor to performance and they guarantee the completion of the work, the payment of all of the trade partners, the price of the bids as bid bonds, performance bonds, material and labor bonds. So that influences the way business is done in the United States. The AGC is founded in 1918 by presidential executive order, actually, the President said they were unable to muster the American construction industry in a manner that he thought commensurate to the response that was required to win the First World War. We still have AGC founding companies as members of the ENR 500 you know, best companies in the United States. That's Engineering and News Record.
1:26 Acronyms are used a lot in construction
You're going to use a lot of acronyms, Sean.
The only group I know that has more acronyms than we do in construction is the Navy.
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