Going public – Understand prevailing wage laws before you bid on public works projects

Description

Abstract: As the economy continues to struggle, many contractors are adding public works projects to their repertoires just to stay profitable. Public projects can be a lucrative source of new work, but they’re also subject to complex federal and state requirements fraught with traps for the uninitiated. Prevailing wage laws are among the most treacherous. This article discusses how “prevailing wages” are determined, the record-keeping that’s necessary, and the penalties for noncompliance.