Tag: Payment Risk
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The Risks of Not Taking Out Contractor Insurance
Some risks, however, are completely avoidable. Unfortunately, all too many businesses fail within the first two years due to a lack of proper foresight on predictable problems. Oftentimes, doing the proper research beforehand can prevent many of these problems from arising. One such area in which real risk exists – and where you shouldn’t be…
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California Contractors: The Nuts and Bolts of California AB 1701
Back in September, we published a post on our Lien Law News page about the passage of AB 1701 in California. At that time the bill was not yet signed by CA Governor Jerry Brown, but in mid-October, he put his signature on the bill. AB 1701 only affects construction contracts that are entered into…
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Send More Preliminary Notices – File FEWER Liens
Preliminary notices are routinely required on construction projects. In fact, a majority of states require some sort of preliminary notice in order to maintain lien rights. But even when a preliminary notice is not required, there are still numerous and substantial benefits to sending them on your projects. Providing visibility (as well as informing your fellow…
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Quick Tips to Manage Financial Risk and Get Paid in Construction
The ability to secure payment for labor and/or materials furnished to improve property is built directly into the laws of every single state in the country – all 50 of ’em, and all of the U.S. Territories too! These laws are incredibly powerful tools, however, you just need to meet the statutory requirements in order…
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These Two Non-Standardized Construction Documents Can Be a Trap
Documents with significant legal effects for construction industry participants are exchanged every day with cursory review, or even no review at all, in order to facilitate payment or the promise of payment. When the need to exchange the documents is coupled with tight time frames and the cash flow-driven need to get paid quickly, documents…