In this economy, probably every engineering firm has a list of projects that have approvals in various stages of completion but are at a standstill. Unfortunately, those projects can represent hundreds of thousands of dollars of unpaid engineering fees.
Developers and their single-purpose entities have folded as the demand for new development has slowed dramatically. Engineering firms and banks can be left holding the bag for the developer’s risk taking. As engineering firms work to collect their fees and banks work to liquidate their collateral, the debate unfolds of who owns the right to use subdivision and land development plans. The answer can be key to the financial recovery of the players left standing.
Copyright in Plans
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