Author: Paul Dean
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How Restoration Contractors Can Boost Cash Flow and Reduce Stress
Every construction company faces obstacles to payment, but restoration contractors face unique hurdles. Here’s how to reduce stress and boost cash flow…
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4 Tips on Requesting, Collecting, and Tracking Lien Waivers
Office managers, accounting managers, and others hard at work “back at the office” for construction companies have many different tasks and responsibilities they have to manage. In addition to just keeping the company running on a day-to-day basis, many have to manage the finances of the company too, handling both the money coming in (payments,…
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The Future of Construction Payment Is Technology-Enabled Collaboration
After talking to literally thousands of GC’s, subs, and suppliers, we’ve seen that many project issues arise because of distrust that’s caused by a lack of visibility and collaboration. To illustrate this point, let’s consider a typical project where a GC withholds payment to a sub (or multiple subs). There are many possible justifications the GC…
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3 Essential Tips to Help Manage Lien Waivers
Most construction companies deal with lien waivers in some form. General contractors must request, collect, and track lien waivers from everyone below them on the project – not just the subcontractors, everyone. Subcontractors must figure out which type of lien waiver is the correct one to send (see Lien Waiver Guide download, below). Not surprisingly,…
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How to Avoid Delinquent Accounts in Construction
In construction one bad loss can break the bank and hurt your overall bottom line for the year. This is especially true if the project has a large contract or might be ongoing for months at a time. With an interruption in cash flow, contractors might risk the well-being of their entire company when they…