Remove Accounting Remove Agreement Remove Contractors Remove Lien
article thumbnail

7 Things Contractors Need to Know About Retainage

Fieldwire

Construction is one of the hardest industries to manage cash flow in, with contractors often facing large up-front costs and frequent, long delays between expenses and payment. The basics of retainage Retainage, also called retention, is an amount withheld from the contractor until a later date.

article thumbnail

Proactive Contractors Use Lien Services To Protect Cash Flow

Contractor Bookkeeping

Proactive versus reactive are the two methods of getting something done. I find everyone works in a combination of both, I included. Proactive is scheduling and doing everything ahead of time. Nothing is ever waiting until the last minute. Reactive is more emergency driven and are things that need to be done now.

Cash Flow 104
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Assignment of Benefits for Contractors: Pros & Cons of Accepting an AOB

Levelset

They may not have the funds available to pay the contractor out of pocket, so they’re counting on that insurance check to cover the construction costs. Contractors often wish they could simply deal with the insurance company directly through an assignment of benefits. The AOB agreements need to be in writing.

article thumbnail

Digital Builder Podcast Ep 22: How Specialty Contractors Can Navigate Contracts & Get Paid On Time

Autodesk Construction Cloud

Owners pass on certain risks (contractually) to general contractors, who may do the same thing when hiring specialty contractors. For this reason, construction professionals must find better ways to craft and negotiate agreements. The GC then hires contractors, which is where the subcontractor agreement comes into play.

article thumbnail

constructionattorneyblog: illinois supplier denied mechanics lien

Construction Lawyer

He is a partner in the law firm of Sabo & Zahn, concentrating in construction law and representing owners, contractors, architects, developers, engineers and other parties in the construction process. You are not our client and we are not your attorneys unless and until you enter into a written retainer agreement with us.

Lien 40
article thumbnail

Leasing Equipment in Louisiana? How To Protect Your Lien Claim

Construction Law Monitor

You are in the business of leasing heavy equipment to contractors. There is likely no answer for you under the lien law – unless you filed a notice of lease agreement with the owner within the appropriate time frame. If the job is private and not public, you must also provide a copy of the lease to the contractor.

Leases 44
article thumbnail

A Contractor’s Guide to Homeowner’s Insurance: Is Your Project Covered?

Levelset

Restoration contractors often work on a property after damage from a storm, fire, or other natural disaster. Knowing what to expect from insurers gives you some leverage as a contractor, and can help you protect your business against financial risk on restoration projects. Insuring agreement.