In a perfect construction project, money flows from the owner down to the lower tiers of contractors, subcontractors and suppliers, and is eventually received by you for the goods or services you provide. Unfortunately, as we all know, there is … Read More
What are private project performance bonds and how do they work? Construction is a very risky business but several tools have been developed over time to reduce these risks. You’ve likely seen many of these tools when working on construction … Read More
If you’ve worked in the construction industry for any period of time, you’ve likely run into the payment term “Retainage”. Construction retainage is the agreed or statutorily required percentage of funds withheld from each payment earned by you. These funds … Read More
You spend a lot of time considering the expenses and risks when preparing a bid for a construction project. Regardless of how much time you spend though, you cannot predict every event that may arise which may cause you to … Read More
Most construction projects are organized in a manner that looks like a tree’s roots. At the top is the owner standing as the trunk of the tree. Below the owner is a general contractor who sprouts several more “roots” to … Read More
If you ever try to file a mechanic’s lien on your own to protect your right to be paid on a construction job, you will learn how complicated the lien process is. Even if you just read your state’s mechanic’s … Read More
Conflict is common in the construction industry but most conflicts can be resolved without ending up in a legal battle. Construction contractors who plan ahead and quickly respond to conflicts are the most successful at avoiding litigation. While there is … Read More
It is common in large projects operating on serious budgets for final payment to be delayed. This is often the payment that contains the contractor’s profit. For this, and for the five reasons listed below, having a final payment checklist … Read More
Large construction firms face unique challenges when managing their lien filing and tracking process. Much of this complexity comes from the size, scope, and number of projects they’re involved with at any given time. Large construction firms will find it … Read More
Developing a project compliance checklist is a vital way to ensure your construction business is taking the steps you need to take in order to get paid for each project. While this checklist will differ for each company and for … Read More
