Levelset
JUNE 6, 2022
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. The rate of retention is stipulated in the construction contract and can often be negotiated.
Fieldwire
AUGUST 14, 2023
For many construction businesses, the retainage payment accounts for their entire profit margin on the project. Retainage is up for negotiation Retainage is not set in stone. Every contract is negotiable, including what percentage is retained and for how long. This can be used in a couple of different ways.
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Levelset
MAY 2, 2022
If your credit limit hasn’t been raised recently, it may be based on outdated financial statements — the ones you provided when you originally opened the account. Levelset’s Contractor Profiles provide information on a contractor’s payment history, lien claims, and reviews from other contractors and suppliers. Share recent financials.
Levelset
APRIL 15, 2022
It gives the assignee authority to file and negotiate a claim directly with the insurance company, without involvement from the property owner. The contractor, now the assignee, negotiates the claim directly with the insurance company. AOBs and mechanics liens. What is an assignment of benefits? Setting up an AOB.
Autodesk Construction Cloud
NOVEMBER 15, 2021
For this reason, construction professionals must find better ways to craft and negotiate agreements. Karalynn also emphasizes the importance of negotiating who takes on certain risks and liabilities. For this reason, contractors need to be careful with the GMP agreement and negotiate terms to protect themselves.
Levelset
APRIL 8, 2022
Generally, insurers use one of two methods to put a dollar figure on the damage: Replacement cost : The insurer pays the cost of rebuilding or repairing the home, without accounting for depreciation. But for many types of work, restoration contractors have the right to file a lien on their property if they fail to pay.
Levelset
APRIL 8, 2022
Generally, insurers use one of two methods to put a dollar figure on the damage: Replacement cost : The insurer pays the cost of rebuilding or repairing the home, without accounting for depreciation. But for many types of work, restoration contractors have the right to file a lien on their property if they fail to pay. .
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