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Seven Things to Do When an Owner Doesn’t Pay

Constructonomics

Of course we fronted large amounts of money for labor and materials that we were now looking to finance because payment was not being made. This attention to detail is paramount when trying to collect money because people tend to have amnesia when it involves payment and especially when it involves change orders.

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Top 5 Challenges for Construction Project Managers

Fieldwire

Patrick is the CEO at Handle.com which builds software that helps contractors, subcontractors, and material suppliers secure their lien rights and get paid faster. As unplanned work and change orders creep into your project scope, the cost can easily go out of control if it is not managed closely.

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How to Avoid Running Out of Cash on a Construction Project

Levelset

It’s important to lock in materials costs early or request a change order to cover price increases. Finance material purchases. Material financing can help you delay the payment of material invoices for up to 120 days. Last but not least, establish and follow your company’s mechanics lien policy. Cash flow is king.

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Understanding the Performance and Monitoring Phase of Construction

Levelset

Discrepancies found at this point might still be young enough that the team can adjust budgets and submit change orders. Since subcontractors have bills to pay and interest accruing, the sub has the ability to file a mechanics lien against the property. Protect & speed up every payment. Learn more.

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Low Bids Benefit Building Owners

Chianelli Estimating

Bids are reviewed by the building and finance committees. Subcontractors and material yards begin calling due to lack of payment and are beginning to lien the project. The GC is issuing change order upon change order daily, asserting the referenced sections of work is not included in their contract.

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7 Steps to Successful Project Closeout

Autodesk Construction Cloud

Problems like delayed change orders, poor communication and lost paperwork may make it harder to close out a project on time. The first step is to track every part of the project to streamline reviewing legal terms and change orders, for example. Delayed change order resolution. The reverse bell curve.

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Contractors May Benefit by Taking Equity in the Project They are Constructing

Construction and Infrastructure Law

While the construction company’s management was great at operating the construction business, it was not so great when it came to the financing business. In general, EPCs that successfully realized investment returns typically invest through an independent financing arm. It may be time to revisit the financing model again.

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