Accounting Banking Construction Lien 
Levelset
JUNE 6, 2022
Construction projects rely on contractors completing the work they started and meeting the design intent. In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor.
Levelset
MAY 23, 2022
In the construction industry, starting a new project means encountering automatic, upfront costs. Getting paid in a timely manner is another challenge for specialty contractors since the average payment collection time for the construction industry is around 90 days. Establish consistent accounting procedures. Invoice regularly.
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NH Construction Law
OCTOBER 22, 2023
It happens this way: A contractor or subcontractor borrows money from a lender, and as security for the loan it gives the lender an assignment of or lien on its receivables and contract rights. Reading Cooperative Bank v. Suffolk Construction Co. , Not unless he is prepared to pay twice! 543, 553, 984 N.E.2d
Levelset
MARCH 21, 2022
Meanwhile, you’re incurring expenses that drain your bank account, like purchasing materials and paying employees. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet. Protect your lien rights.
Lets Build
MAY 11, 2020
The construction industry, along with all other sectors in the world, will never be the same because of the COVID-19 pandemic. Here are some of the ways the novel coronavirus crisis will reshape construction. Before the COVID-19 pandemic, many construction business owners were reluctant to adopt a flexible work arrangement.
Levelset
APRIL 5, 2022
In this article, we’ll explore some strategies to help you keep money in the bank. Most construction businesses focus on their profit margins — making sure that revenue exceeds costs for each job. Cash flow is the number one reason why construction companies go out of business. Otherwise, you could be overdrawn on your account.
Levelset
AUGUST 16, 2022
To grow a construction business, contractors often pursue larger projects. Whenever you need to get construction bonds to perform work on a proposed project, your priority is to show the surety company how you plan to manage the particular risks and minimize the downside. Scope of work compared with past projects.
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