Remove Documentation Remove Lien Remove Risk
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You Risk Paying Twice When Sub-Contractors Don’t Pay Their Bills

Wolgast Corporation

Liens Can Wreak Havoc on Funding. On top of that, that they expect you, the owner, to guarantee to the Bank and the Title Company that the project will be lien-free during construction. The lien laws protect people that supply the resources to build a building. By Brian Stadler, Wolgast President & CEO. Why should you care?

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5 Challenges in Meeting Construction Deadlines and How To Solve Them

Construction Marketing

However, many construction projects stall as workers wait around for important documents and approvals giving them the go-ahead to do their jobs. Solution : Invest in innovative construction software to serve as a repository for important project documents and unified medium of communication from the top down. . Waiting for Payment.

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How a Construction-to-Permanent Loan Impacts Contractors & Lenders

Levelset

However, before starting work on a building financed with a construction-to-permanent loan, both property owners and contractors need to understand the risks. Contractor risks with a construction-to-permanent loan. There are common risks that are prevalent in every construction loan program. Failing to protect lien rights.

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4 Key Habits of Large, Successful Contractors

Levelset

However, smaller construction businesses are much less likely to prequalify their customers than larger businesses — and that could increase the risk of slow payment. Larger companies tend to send preliminary notices on every project or at least situationally — like when they’re required for protecting lien rights.

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Project Research Matters: Lessons From a Recent New Jersey Lien Case

Levelset

One of the most effective ways to secure that payment is by filing a construction lien. Filing a proper lien claim requires accurate information. Ultimately, Marjam claimed they were unpaid for the equipment and materials provided, so they filed a construction lien on the vacant lot for $136,180,02.

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constructionattorneyblog: illinois supplier denied mechanics lien

Construction Lawyer

His book, Legal Guide to AIA Documents, published by Aspen Publishing, is in its fifth edition. In other words, you use the stuff we post here at your own risk. illinois supplier denied mechanics lien. An Illinois appellate court has affirmed the trial court's summary judgment against a lumber company's mechanics lien.

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What Contractors Need to Know About Surety Bonds

Construction Marketing

Finally, a payment bond guarantees that you will pay your subcontractors and suppliers for their work and helps to protect the project owner by preventing subcontractors and suppliers from filing mechanic’s liens against the property’s title. The Bonding Process. Your company’s available working capital.