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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. Retainage can cause a cash flow burden for contractors, especially subs at the bottom of the payment chain. Retainage is no different.

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Construction Payment Speed: Winners and Losers

Levelset

Our recent Construction Cash Flow and Payment Report took a deep look at more than 500 construction companies to figure out who is getting paid quickly — and who isn’t. Public projects often have complex payment chains, bond requirements, legal challenges, and government funding. Find more success with payment speed.

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What is Project Loss Insurance?

Levelset

When a loss occurs, it can put a real crunch on a contractor’s cash flow. It also helps contractors manage cash flow during a loss. When a loss occurs that will exceed the deductible and copay, the contractor submits a notice of claim to the insurance company. On-demand legal help you can afford. Learn more.

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The Startup Construction Business Checklist: 3 Important Documents You Need to Have

Construction Marketing

Although public liability insurance is not a legal requirement, it should be regarded as essential. Something as simple as a customer tripping over a hammer and hurting themselves could result in an accident claim – and without insurance, you could end up facing hefty fines and legal battles. Legal Documents.

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Subcontractor Default Insurance: Pros & Cons for General Contractors

Levelset

If a subcontractor defaults on a project, the general contractor can make a claim with the insurance company to cover costs above their deductible and any loss reserve requirements. Some GCs pass the cost of the loss reserve onto the project owner and claim that amount as additional profit on the project. million – $750,000). .

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Prevailing Wages in Minnesota: What Contractors Should Know

Levelset

Higher labor costs can put a real crunch on your cash flow during a prevailing wage job. Keep a close eye on cash flow to ensure you have enough on hand to pay your workers on time (and keep your bills paid). Make sure you’re always keeping good records: You’ll have to have the paperwork to back up any legal claims.

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Prevailing Wages in Pennsylvania: What Contractors Need to Know

Levelset

Higher labor costs can put a real crunch on your cash flow during a prevailing wage job. Keep a close eye on your project cash flow to ensure you have enough on hand to pay all your bills and still pay your workers on time. You’ll have to have the paperwork to back up any claims. Learn more.