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Seven Things to Do When an Owner Doesn’t Pay

Constructonomics

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. Hiring a lawyer can totally blow your entire profit margin, to which you are entitled. File a Mechanic’s Lien (if you can).

Lien 186
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#66:  Labor Inefficiency Costs: Who Pays? How Much?

NH Construction Law

Sometimes this unanticipated time/space compression is the owner’s fault, in which case the general contractor/construction manager and its subcontractors will likely be entitled to increased compensation by change order or otherwise -- and to a mechanic’s lien if that increase is not paid.

Lien 40
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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. This aspect of the phase alone can prevent a project from going totally off the rails while taking the profit margin with it. Protect & speed up every payment. Learn more.

Lien 52
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Starting Profitable Construction Company Unique Secrets Revealed

Contractor Bookkeeping

There are a number of people who pass out advice on how to start a profitable construction company; however, very few have actually done it and fewer still had a clear understanding of where they were making or losing money and fewer yet have ever gotten past the point of owning a J.O.B. Contractor''s Business Round Table Reduces Profits.

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Process Dependent Vs. People Dependent Increases Contractor's Profits

Contractor Bookkeeping

Not using Additional Work Orders or Change Orders (Click For FREE Change Order Template). Cash flow issues kill contractors even though they have profit. Changes in their operations due to contingencies beyond their control. Ignoring Profit Centers and Key Performance Indicators (KPI).

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How to Avoid Running Out of Cash on a Construction Project

Levelset

Most construction businesses focus on their profit margins — making sure that revenue exceeds costs for each job. It’s important to lock in materials costs early or request a change order to cover price increases. Otherwise, you’ll have to use another project’s profits to cover those higher expenses.

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7 Steps to Successful Project Closeout

Autodesk Construction Cloud

The final days of a project have a huge impact on your overall profitability and success—as the saying goes, projects are remembered not by how they start but how they finish. Problems like delayed change orders, poor communication and lost paperwork may make it harder to close out a project on time. Not so fast.