A crane rental is a great way to save money on a construction project. There is just one problem; your project was recently shut down by the person or group that ordered it. Whatever their reasons, they are not sure if they will continue the project. That is an even bigger problem because you now have all of these supplies, trucks, and even a rented crane that is not in use. Here is what you should do next.
Ask the Customers If It Will Be at Least a Month or More
Sometimes these situations are so uncertain that all you can do is ask for a ballpark estimate. Ask the consumers of this project if it is going to be a month or more before the project starts up again. If the answer is yes, cancel all pending orders for supplies and equipment. At least you can get some of the money back.
Any rented equipment, such as the cranes, try to send them back to the rental company to get a refund. It is not a good idea to hold onto the cranes and expect the project to continue anytime soon. Most crane rental companies only charge by the day or week, and many will prorate what you owe based on the number of days left in your rental agreement.
If Your Other Job Sites Could Use a Crane, Send the Rentals There
If you cannot get a refund on your remaining rental time for the cranes and other equipment, see if they can be put to good use at your other job sites. At least you can still get these projects completed on time. With spare crew members, you might complete those other projects sooner. This would save you double the money because you have not lost any early return fees on the rentals, plus completing other projects sooner saves you money on salaries, equipment, and supplies for those extra days not worked.
Sublet the Rented Cranes out to Another Contractor
If your rental agreement does not forbid it, sublet the cranes and rented equipment out to another contractor. He or she gets a discounted rate by subletting the equipment from you, and you do not lose all of the money that you thought you were going to lose. It is a win-win situation for everyone, and a bonus for you because another contractor now owes you a future favor.
Contact a company like Radius Projects to learn more.