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Restoration: How to Manage Cash Flow While Waiting for an Insurance Check

Levelset

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. Plan out your cash flow.

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Contractors Need KPI Not Get-Me-By

Contractor Bookkeeping

No one starts a business, especially a contracting business, and have it rolling perfectly with a profit every step of the way. Between regulations, economic uncertainty, and other outside forces; always a learning curve. Being in your own business can be the best time in your life. Alternatively, the worst time!

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Prevailing Wages in Pennsylvania: What Contractors Need to Know

Levelset

Federally funded projects in Pennsylvania are governed by the Davis-Bacon Act and its rules and regulations. The contracting authority provides bidders with the prevailing wage rates within the bid and contract documents. Higher labor costs can put a real crunch on your cash flow during a prevailing wage job.

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Prevailing Wages in Minnesota: What Contractors Should Know

Levelset

They are determined by the current rates in force at the time the project goes out for bid and are usually included in the bid and contract documents. Before taking on prevailing wage projects contractors need to make sure they have sufficient cash to pay their workers until the first payment comes in. Learn More.

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How to Get Paid on New Jersey Public Projects

Levelset

New Jersey bond claim laws & liens on contract funds. Public projects in New Jersey have two types of payment protection : A claim against a payment bond , or, for municipal projects, a lien claim against contract funds. Similarly, every claimant must send a preliminary notice to file a lien on contract funds.

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What is Retainage in Construction?

Lets Build

Almost every construction professional faces the same problem – cash flow. Large upfront costs and long waiting periods between payments are a normal occurrence; retainage adds to this cash flow problem for contractors and project managers. However, even though retainage is commonplace, it’s not always used fairly.

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Construction Business Owner Blogs

Construction Business Owner

Compliance/Regulations. Know the Contract and Budget. Before work begins, understand fully what you’ve contracted to do by carefully reviewing the contract at hand. Also make sure your project managers understand the contract language fully. If costs are going up faster than contract value, determine why.