Remove Change Orders Remove Finance Remove Lien
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Seven Things to Do When an Owner Doesn’t Pay

Constructonomics

Of course we fronted large amounts of money for labor and materials that we were now looking to finance because payment was not being made. This attention to detail is paramount when trying to collect money because people tend to have amnesia when it involves payment and especially when it involves change orders.

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Low Bids Benefit Building Owners

Chianelli Estimating

Bids are reviewed by the building and finance committees. Subcontractors and material yards begin calling due to lack of payment and are beginning to lien the project. The GC is issuing change order upon change order daily, asserting the referenced sections of work is not included in their contract.

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Top 5 Challenges for Construction Project Managers

Fieldwire

Patrick is the CEO at Handle.com which builds software that helps contractors, subcontractors, and material suppliers secure their lien rights and get paid faster. As unplanned work and change orders creep into your project scope, the cost can easily go out of control if it is not managed closely.

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How to Avoid Running Out of Cash on a Construction Project

Levelset

It’s important to lock in materials costs early or request a change order to cover price increases. Finance material purchases. Material financing can help you delay the payment of material invoices for up to 120 days. Last but not least, establish and follow your company’s mechanics lien policy. Cash flow is king.

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Understanding the Performance and Monitoring Phase of Construction

Levelset

Discrepancies found at this point might still be young enough that the team can adjust budgets and submit change orders. Since subcontractors have bills to pay and interest accruing, the sub has the ability to file a mechanics lien against the property. Protect & speed up every payment. Learn more.

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The Ultimate Construction Glossary for 2024: Essential Terms and Definitions

Building Radar

However, any unforeseen changes or additional work requested by the client must be handled through change orders. Contingency funds are critical in large-scale projects where delays, material shortages, or design changes can lead to cost overruns. What is a ‘Mechanic’s Lien’?

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The Real Lemon in the Bunch: Understanding Pay-If-Paid Clauses in Construction Contracts

Best Practices Construction Law

The subcontract between the general contractor and the concrete subcontractor contained the following clause: “The obligation of contractor to make payment under this agreement, whether a progress or final payment, or for extra or change orders or delays to the work, is subject to the express condition precedent of payment from the owner. ”.