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7 Things Contractors Need to Know About Retainage

Fieldwire

The practice dates back to the 1840s, dreamed up as a measure to reduce the owner’s risk and ensure that the project is fully completed according to the job specifications. Retainage is up for negotiation Retainage is not set in stone. Every contract is negotiable, including what percentage is retained and for how long.

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How To Negotiate A Higher Credit Limit With Your Building Material Supplier

Levelset

Levelset’s Contractor Profiles provide information on a contractor’s payment history, lien claims, and reviews from other contractors and suppliers. Another option is to give the vendor a copy of your lien policy , which shows what actions you will take to collect payments from your customers. Get more trade preferences.

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Assignment of Benefits for Contractors: Pros & Cons of Accepting an AOB

Levelset

When a property owner files an insurance claim to cover a restoration or roofing project, the owner typically deals directly with the insurance company. An assignment of benefits , or AOB, is an agreement to transfer insurance claim rights to a third party. AOBs take the homeowner out of the claims equation. Setting up an AOB.

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Payment of Retainage with “conditions attached” Deemed Non-Payment

Best Practices Construction Law

When the subcontractor was delayed, it submitted claim for $42,00 for the 21 days of delay damages. In the same letter as its refusal, the contractor said it would release the retainage payment “which was pending receipt of a Waiver of Lien. By letter to the subcontractor, the contractor refused to pay the additional monies.

Vermont 54
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#122:  Construction Loan Disbursement Pitfalls

NH Construction Law

If the Seymour case shuts out a claim against the bank, do owner/borrowers have a legal claim against the inspector, with whom they have no contract? Nor does a negligence claim against the inspector appear promising. That puts the owner/borrower in a pickle. Don’t count on it. In Coachman Estates of Barrington, LLC v.

Banking 40
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A Contractor’s Guide to Homeowner’s Insurance: Is Your Project Covered?

Levelset

On projects like this, property owners typically count on an insurance claim to pay for the work – they may not have cash on hand to pay you out of pocket. Knowing what to expect from insurers gives you some leverage as a contractor, and can help you protect your business against financial risk on restoration projects.

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A Contractor’s Guide to Homeowner’s Insurance: Is Your Project Covered?

Levelset

On projects like this, property owners typically count on an insurance claim to pay for the work – they may not have cash on hand to pay you out of pocket. Knowing what to expect from insurers gives you some leverage as a contractor, and can help you protect your business against financial risk on restoration projects. .