Levelset

JULY 5, 2022

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?

Lien 96

Lien Legal Bankruptcy Claims 96

Autodesk Construction Cloud

FEBRUARY 1, 2024

Late payments and non-payments are, unfortunately, pivotal contributors to declining contractor productivity eventually, in some cases, leading to bankruptcy for many GCs and subcontractors. Increasing financial risk. High compliance risk. Moreover, manual payment processes also increase compliance risk. Why Payapps?

Autodesk 87

Autodesk Cash Flow Construction Risk 87

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. Otherwise all construction contracts would have such a clause, thwarting the lender’s statutory rights.

Security 40

Security Contract Accounting Construction 40

NH Construction Law

MAY 28, 2018

The main advantage of such “trust fund” provisions is in bankruptcy; trust funds are not considered assets of the subcontractor/debtor that can be distributed to general creditors. any principal of the sub signing the lien waiver may also be liable to the general. I generally do not recommend this except as a last resort.

Subcontracting 40

Subcontracting New Hampshire Lien Insurance 40

Construction Lawyer

SEPTEMBER 22, 2005

In other words, you use the stuff we post here at your own risk. Waivers of liens: fraud. The Bankruptcy Court for the Northern District of Illinois recently ruled that a contractor who falsified waivers of lien engaged in fraudulent conduct and his debt to the bank was non-dischargeable. mechanics liens.

Lien 40

Lien Illinois AIA Chicago 40

Construction Lawyer

APRIL 30, 2012

In other words, you use the stuff we post here at your own risk. New York court holds that contractor installing cogeneration system not entitled to a mechanics lien. A New York court has held that a subcontractor who furnished labor and materials for a cogeneration system was not entitled to a mechanics lien. mechanics liens.

New York 40

New York Lien Contractors Illinois 40

Construction Lawyer

JULY 20, 2012

In other words, you use the stuff we post here at your own risk. The question became whether the general or the subcontractor would bear the risk of loss. Fidelity had issued a payment bond, but Fidelity refused to pay after the owner declared bankruptcy, and BMD sued Fidelity. Fidelity , 679 F.3d

Illinois 40

Illinois Subcontracting Liability AIA 40