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If you receive a notice that a lien has been filed on your property, you may wonder how it will affect your credit score and your ability to borrow money or get credit. Mechanics liens are different from other collection instruments, so they are treated differently when it comes to reporting on your credit history. What is a lien?
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. And don’t think you’ll get legal fees in a settlement – it just won’t happen. File a Mechanic’s Lien (if you can).
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. These types of requests are common place in today’s world when an owner finances the construction of a building. Why should you care?
but not all) file a UCC-1 financing statement in the real estate records that puts third parties on notice to their rights in the system. That fixture filing is in most states a lien or encumbrance against the system. Many of the companies engaged in this business (. Selling a house with solar panels is not for the faint of heart.
but not all) file a UCC-1 financing statement in the real estate records that puts third parties on notice to their rights in the system. That fixture filing is in most states a lien or encumbrance against the system. Many of the companies engaged in this business (. Selling a house with solar panels is not for the faint of heart.
Construction law is a complex field that intersects with various other industries and legal fields, one being the maritime industry. In this blog post, we will explore the intricate relationship between these two legal realms by diving into a primer on maritime liens.
but not all and maybe not even most) file a UCC-1 financing statement in the real estate records that puts third parties on notice to their rights in the system. That fixture filing is in most states a lien or encumbrance against the system. Some of the companies engaged in this business (.
In these tight times, you can understand how important payment provisions are to the parties’ transaction, particularly where costs are escalating and projects may stall mid-performance due to financing issues or owner-default. Does my state prohibit pay-if-paid clauses? One major lesson: WORDS MATTER.
The owner ultimately lost its construction financing on the project and abandoned the development. It is worth the effort to seek legal advice from an attorney in your jurisdiction about these issues prior to drafting and executing contracts with other parties.
A well-managed contingency budget ensures that surprises don’t derail the project timeline or finances. A construction loan is a short-term loan used to finance the building of a property. Understanding how construction loans work is essential for anyone planning to finance a building project.
CAPCO financing, an alternative to conventional bank financing, can accommodate a slightly higher risk profile and provide a more flexible structure for growing businesses. Terms for both are normally 10-20 years and can finance up to 100% of the project costs. ALABAMA - updated for 2014. They are: The Renewal Program.
His book, Legal Guide to AIA Documents, published by Aspen Publishing, is in its fifth edition. The information provided here is not intended to be a solicitation for legal services, nor does it constitute legal advice. A Legally Inclined Weblog. >. ILLINOIS APPELLATE COURT DEEMS MECHANICS LIEN COUNTERCLAIM UNTIMELY.
It is possible to purchase credit reports from credit bureaus within the industry, which may say if the company has a history of paying its bill on time or not — as well as if the company has any active negative filings on its record, like mechanics liens. “I Ask the contractor for evidence.
Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. You say O.K.
Podcasts are now an essential medium for sharing information, and experts across the construction industry share their wisdom every day with listeners interested in growing a construction business, learning about the latest construction trends and technology, and building their understanding of construction law and finance. The Lien Zone.
CAPCO financing, an alternative to conventional bank financing, can accommodate a slightly higher risk profile and provide a more flexible structure for growing businesses. Terms for both are normally 10-20 years and can finance up to 100 percent of the project costs. It allows for the construction of roads, bridges, etc.
Use Credit Cards - And supplier accounts to finance your new business and be very careful about what you buy. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. You say O.K.
Did You Use Your Personal Credit Cards - And supplier accounts to finance your new business and perhaps you were not careful about what you bought? Do Not Offer Financing - Your customer or client''s project by providing a substantial amounts of labor, material, subcontractors and rental equipment hoping to get paid later on down the road.
Establishing a business legally is a straightforward process, and creating a plan for growth is exciting. Starting a business starts with the legal and logistical nuts and bolts that get you ready for growth later on. It’s important to keep your business’ finances separate from your personal accounts. Learn more.
Establishing a business legally is a straightforward process, and creating a plan for growth is exciting. Starting a business starts with the legal and logistical nuts and bolts that get you ready for growth later on. It’s important to keep your business’ finances separate from your personal accounts. Learn more.
Establishing a business legally is a straightforward process, and creating a plan for growth is exciting. Starting a business starts with the legal and logistical nuts and bolts that get you ready for growth later on. It’s important to keep your business’ finances separate from your personal accounts. Learn more.
The first step is to track every part of the project to streamline reviewing legal terms and change orders, for example. Key closeout documents like warranties, cut-sheets, lien releases, and facilities training documents come in all different formats, at different times, all towards the end of the project.
Establishing a business legally is a straightforward process, and creating a plan for growth is exciting. Starting a business starts with the legal and logistical nuts and bolts that get you ready for growth later on. . It’s important to keep your business’ finances separate from your personal accounts. Learn more.
The Owner may hold a retainage for completion of any punch list(s) for the estimated cost to complete the punch list and /or release of liens. At the time of project completion, the Contractor will submit a Certificate for Payment or similar document to be approved by the Owner JOC authority. Modification to Job Orders. Subcontract bid.
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