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Many Utah contractors are familiar with the construction lien process to secure payment for work or materials used in a building project. Utah actually gives them a similar payment tool, known as a preconstruction lien. However, the steps to claim one differ from the standard construction lien process. Preconstruction liens v.
Cost estimates will help outline the project’s scope and feasibility. It is best to have an idea of what an item will cost when proposals are received to guard against over paying or in determining if the proposal cost is too low. Both contractors and owners use them when deciding whether to bid or build a project.
During this first phase, pre-construction , the project owner will consult with an architect or design firm about an idea or plan. The designer will then help the project owner flesh out their ideas, determine a preliminary budget and timeline, and even assist the project owner in determining whether or not the project is feasible.
Preconstruction is the initial stage of a construction project where an idea starts to become a reality. It’s at this point that the client can determine whether the project is feasible or not. In turn, the general contractor will take that information and determine if the project is feasible. What is preconstruction?
Tell your customer whether or not their project, budget, or timeline is feasible. Shady, fly-by-night contractors will promise customers the world — and they hide the fact that they can put a lien on the owner’s home. They’ll collect a few checks, perform shoddy work, and then file a lien when the customer doesn’t pay.
Energy Innovations Small Grant (EISG) Program: Provides up to $95,000 for hardware projects and $50,000 for modeling projects to small businesses, non-profits, individuals and academic institutions to conduct research that establishes the feasibility of new, innovative energy concepts. 50,000 (max.) for projects creating at least 100 jobs.
The private sector participant finances 50 percent of the project cost and takes a first lien on assets pledged as collateral. The SBA takes a second lien on assets and finances up to 40 percent of the project cost, up to $1 million in some cases. Borrowers inject 10 percent in the form of cash or equity in real estate.
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