Tag: Slow Payment
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What Is a Certificate of Occupancy? How Does a CO Affect Getting Paid?
What is a Certificate of Occupancy? Learn why obtaining a Certificate of Occupancy is an essential step that must be completed on new construction projects.
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Know Your States Prompt Payment Act To Speed Up Construction Payments
Everyone who’s been around for a while in the construction business has a story about not getting paid on time. The term “prompt payment” seems so straightforward, yet contractors find themselves slipping into the collections business despite their best-laid plans. What can contractors do to get paid in full and on time? Knowledge of state…
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Who Is Really at Fault When Project Payments Are Slow?
We’ve written extensively on the subject of slow payments in the construction industry. And our attention on this subject is, unfortunately, quite justified, since it takes longer to get paid in construction than just about any other industry. If you’re a subcontractor that’s getting slow-paid on a project, it’s easy to blame the general contractor…
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Is Payment Up Front the Way to Avoid Payment Problems in Construction?
At the risk of cutting down the time you spend reading this article, I’ll mention right up front that – as is generally standard when a question is posed in the title of an article – the answer is “no.” But in order to get there, it’s worth spending a little bit of time examining…
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Why Does it Take So Long to Get Paid in Construction? And What Can I Do About It?
The fact that the construction industry has a payment problem comes as no surprise to industry participants. In fact, it takes longer to get paid in the construction business than it does in just about any other industry. First of all, a company has to complete time- and information-intensive pay apps just to get in…