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It’s no secret that it takes a while to get paid in construction. Many contractors and suppliers simply accept late payments as the status quo. Sometimes, you might consider yourself lucky to get paid at all! When a GC or property owner delays payment, it’s not just annoying. Late payments actually cost you money. Allowing a customer to pay late is the same as loaning them money. Every day that the money isn’t in your…
Because no two construction projects are alike, there are many different types of construction contracts out there to satisfy the needs of all parties involved. Knowing which contract suits the project best helps owners, contractors, and suppliers manage risk and ensure the work and payment go as smoothly as possible. In this article, we take a look at the 5 main types of contracts in construction, and answer the following questions for each one: What…
Service and Repair Contracts in California are construction contracts between a homeowner or tenant and a contractor. These contracts are used to establish the details of home improvement work. Residents of California who want to hire professionals to do work on their home, from repairs to conversions or updates, may use a Service and Repair Contract to outline the specifics of the deal and work to be done. For example, a Service and Repair Contract…
The Miller Act is hugely important to subcontractors and suppliers when it comes to getting paid on a federal construction project. But do you know what the Miller Act is, exactly? The article will give you the breakdown of how to make a Miller Act claim and how it impacts your payment rights on federal construction projects. Table of Contents What Is the Miller Act? All federal construction improvements — and more specifically, all payments made on…
Construction projects are complicated beasts, and disputes are all too common. When you have a legal dispute over the scope of work or want to foreclose on a mechanics lien, it helps to have an experienced construction attorney in your corner. Below is our list of the top construction lawyers in the Tampa area. These attorneys on this list were selected because they meet a significant number of the below criteria: Table of Contents Why…
You just received a demand letter from a sub or supplier. It says something about…a prompt payment law? It even threatens interest penalties and potentially court costs if you don’t pay. Yikes! How should you respond when you’re facing a prompt payment demand from someone on a construction project? Does the law really say you need to pay interest and fees on the outstanding amount? Before we get into that – and we will –…
In 2019, these U.S. contractors had the highest rates of on-time payments to subcontractors and suppliers.  Fast or on-time payments improve outcomes for everyone on a construction project. Good payment practices reduce lien risk for property owners, improve cash flow for contractors and suppliers, and improve relationships on the job. But on most projects, construction payments are made in the dark, with little-to-no transparency into the process. Levelset’s newly updated Contractor Profiles platform is making…
Throughout 2019, the Arizona contractors on this list had the highest rates of on-time payments to subcontractors and suppliers. On-time construction payments improve outcomes for everyone. Good payment practices reduce lien risk for property owners, improve cash flow for contractors and suppliers, and improve relationships on the job. But on most projects, construction payments are made in the dark, with little-to-no transparency into the process. In 2019, the average delay for construction payments was 83 days. …
Throughout 2019, the Florida contractors on this list had the highest rates of on-time payments to subcontractors and suppliers. On-time construction payments improve outcomes for everyone. Good payment practices reduce lien risk for property owners, improve cash flow for contractors and suppliers, and improve relationships on the job. But on most projects, construction payments are made in the dark, with little-to-no transparency into the process. Levelset’s newly updated Contractor Profiles platform is making construction payment data public…
Throughout 2019, the Texas contractors on this list had the highest rates of on-time payments to subcontractors and suppliers. On-time construction payments improve outcomes for everyone. Good payment practices reduce lien risk for property owners, improve cash flow for contractors and suppliers, and improve relationships on the job. But on most projects, construction payments are made in the dark, with little-to-no transparency into the process. Levelset’s newly updated Contractor Profiles platform is making construction payment data public…