Fieldwire
AUGUST 14, 2023
For many construction businesses, the retainage payment accounts for their entire profit margin on the project. Retainage is up for negotiation Retainage is not set in stone. Every contract is negotiable, including what percentage is retained and for how long. This can be used in a couple of different ways.
Lets Build
APRIL 6, 2022
For most construction companies, retainage payments make up most or all of their profit margin: Failing to collect their retained funds means losing money on the project. Retainage percentages and negotiations. You can also negotiate for variable retainage, which can work in a couple of different ways.
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Levelset
MAY 2, 2022
If you can show that you’ve been growing and seen an increase in work while remaining profitable, the vendor may feel comfortable increasing your limit. Levelset’s Contractor Profiles provide information on a contractor’s payment history, lien claims, and reviews from other contractors and suppliers. Get more trade preferences.
Levelset
APRIL 15, 2022
It gives the assignee authority to file and negotiate a claim directly with the insurance company, without involvement from the property owner. The contractor, now the assignee, negotiates the claim directly with the insurance company. AOBs and mechanics liens. What is an assignment of benefits? Setting up an AOB.
Levelset
MARCH 31, 2022
If a contractor doesn’t receive payment, they can’t go after the insurance company – but they do have the right to file a mechanics lien on the owner’s property. Avoid insurance negotiations. Contractors shouldn’t be claims negotiators,” Brown says. You can’t control the narrative, but you can be a liaison of sorts.
Contractor Bookkeeping
OCTOBER 4, 2013
There are a number of people who pass out advice on how to start a profitable construction company; however, very few have actually done it and fewer still had a clear understanding of where they were making or losing money and fewer yet have ever gotten past the point of owning a J.O.B. If You Know Exactly What To Do.
Levelset
JUNE 6, 2022
The rate of retention is stipulated in the construction contract and can often be negotiated. It can significantly impact the financial standing of contractors, especially when working on projects with a small profit margin. Contractors must weigh whether to use a mechanics lien to protect their payment rights.
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