Wildara

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In our collective pursuit of a fair and transparent construction industry, it's imperative to address unethical practices that undermine trust and integrity. Union kickbacks, notably associated with the CFMEU, are a blight on our profession. While unions serve a key purpose in protecting workers' rights and ensuring fair conditions, these kickbacks detriment that purpose by distorting market fairness and eroding confidence in union representation.

Have we been modeling risk the wrong way in construction projects? The answer is a resounding yes! https://lnkd.in/gwyGsfjD

The National Construction Code (NCC) of Australia serves as a comprehensive guide for building standards and regulations, ensuring safety, sustainability, and livability across various types of structures. Central to the NCC is the classification of buildings into specific classes based on their intended use and occupancy. This classification system is crucial for architects, builders, developers, and regulators to adhere to appropriate construction standards and requirements. Understanding the NCC's building classes is essential for ensuring safety and compliance in construction projects. Our latest article breaks down these classes, covering everything from residential homes (Class 1) to industrial facilities (Class 8) and public buildings (Class 9). Get the insights you need to navigate building standards effectively. #Construction #NCC #BuildingStandards #Architecture #ProjectManagement 👉 Read more here https://lnkd.in/g2E2Xq3d

If you're ever considering investing in a construction company, you may want to pay close attention to the financial statements. Overstating uncertified revenue is becoming an all too common practice in private and publicly listed construction companies and is done to artificially overstate the financial health of the enterprise. Here's how it's done: -Premature Recognition of Revenue: Some companies recognize revenue from incomplete projects or work that hasn't met the required milestones for certification, inflating their earnings without real progress. -Inflating Progress Reports: Misrepresenting the stage of completion to make projects appear further along than they are, claiming more revenue than legitimately earned. - Fictitious Invoices: Generating false invoices for unperformed work or undelivered materials, creating the illusion of higher revenue and activity. -Ignoring Certification Requirements: Recording revenue without the necessary certifications or approvals from project owners or inspectors, bypassing essential verification processes. -Backdating Documents: Manipulating dates on contracts, progress reports, or certifications to record revenue in earlier periods, distorting financial statements. -Manipulating Change Orders: Overstating the value or extent of change orders and recognizing inflated revenue without proper certification. -Underreporting Costs: Concealing or underreporting project costs to present higher profit margins, misaligning costs with overstated revenue. -Using Related Parties: Engaging in transactions with related parties to create fake revenue streams, artificially boosting revenue figures. These practices mislead investors, artificially inflate stock prices, and create a false sense of financial health. Often, these deceptive practices catch up with companies involved, but by then, it's usually too late for investors as the company enters a state of insolvency. As professionals committed to ethical standards, we must be vigilant in identifying and preventing such fraud. #Construction #Ethics #Transparency #InvestorProtection #FinancialIntegrity #ProjectManagement

Dummy bids inflate project costs, erode trust, and ultimately reduce efficiency. #ConstructionEthics #Efficiency #FairBidding #Transparency #ProjectManagement #IndustryIntegrity

We're launching our new campaign 'Beyond the Blueprint' focusing on raising awareness about common unethical behaviors of construction participants. As project managers, we play a crucial role in ensuring the integrity and transparency of our industry. Through this campaign, we aim to shed light on practices that undermine trust and integrity in construction projects. Over the next few weeks, we'll be sharing examples of common unethical behaviors on LinkedIn. These examples will serve as a reminder of the importance of ethical conduct and the impact it has on project outcomes. Join us in this campaign by following our LinkedIn page and sharing these posts to spread awareness. Together, we can promote a culture of ethics and integrity in construction! #EthicsInConstruction #ProjectManagement #Transparency #Integrity #ConstructionEthics

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The Security of Payments Act establishes the statutory rules for payments in construction; however, they are rarely implemented properly. What if we could remove elements of human error within this process? Wildara teamed up with Stratis to develop a Smart Contract on the blockchain to find out. Check out the case study here: https://lnkd.in/dMMdypZa #Wildara #blockchain #projectmanagement #smartcontracts

Renewing key focus areas for Managing Contractors delivering Commonwealth infrastructure.