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On large, complicated projects, it can be difficult for project owners to compare proposals from contractors: They have to verify that the contractors are bidding the same scope of work before comparing prices. In construction, a bill of quantities allows owners to control the bidding process because the work and quantities are clearly stated for contractors to price before the project is sent to bid. It takes the guesswork out of bidding and analyzing bids.…
In order to keep your lien rights on commercial and residential jobs in Texas, you need to send the required Texas monthly notice (usually on the 15th of the month) to the property owner and prime contractor. Texas is unique in that a separate notice is required for every month you provide labor and/or materials. This means that on an extended project, you can be required to send a large volume of notices. To make…
Protecting your lien rights on every job is one of the most powerful ways to ensure you always get paid on time and without stress. The construction industry is full of confusing laws and regulations around lien rights, but at the end of the day, getting paid for the work you’ve done shouldn’t be complicated. Here’s a quick cheat sheet with the deadlines and requirements to keep in mind in order to make sure your lien…
A regular review of your company’s financial statements is an important part of making business decisions. Losses or poor cash flow can be an indication of slow payment — a perpetual problem in the construction industry. But they can also be red flags that indicate fraud or financial mismanagement. The federal indictment on fraud and embezzlement charges against one construction CFO in New Jersey highlights the risk to any company when the wrong person…
Protecting your lien rights on every job is one of the most powerful ways to ensure you always get paid on time and without stress. The construction industry is full of confusing laws and regulations around lien rights, but at the end of the day, getting paid for the work you’ve done shouldn’t be complicated. Here’s a quick cheat sheet with the deadlines and requirements to keep in mind in order to make sure your lien…
If you’re a subcontractor and you’ve been waiting for payment from a prime contractor on a project, you might find yourself asking, exactly how long does a contractor have to pay a subcontractor on a project? How long do you have to wait before you can take action? And, if you act, what should you do? These are questions every subcontractor has asked themselves when waiting, impatiently, for a general contractor to pay them. The…
If you’re looking for a new general contractor to align yourself with, Lendlease might be on your radar. As one of the largest construction companies in the world, subcontracting for Lendlease very well could be an excellent move for your company. But when it comes to working with a busy general contractor, you need to do as much research as possible beforehand. To help you decide if they might be a good fit for your…
When you take on a new contract, the goal is always to align yourself with a like-minded general contractor. You’re hoping they value their work, appreciate their customer, and treat their subs fairly. But sometimes, you end up in a situation with a contractor refusing to pay for your work.  But you’re not alone. For every fast-paying contractor out there, there are just as many wallets welded shut. Levelset wants to help. We’ll show you…
Thomas Box is the Director of Credit at Irby — a national electrical distributor with industrial and utilities divisions. When asked about a typical day on the job, Thomas says, “It’s never the same, and there’s never a dull moment.” With thousands of customers and jobs that pose a high financial risk, Thomas and his team of 12 — which includes a mix of account managers, credit associates, and analysts — prioritize protecting their lien…
Starting your own contracting business is an exciting and hectic endeavor. On the one hand, you’ll get to choose your clients and the types of projects you want to work on, and make your own schedule. On the other hand, there are state regulations you need to meet in order to run a legitimate business: Namely, Iowa contractor licensing requirements. But you’re spending your time and money lining up subs, tools, employees, and all the…