The Construction Payment Blog, published by Levelset, focuses on legal and financial issues related to payment and lien rights in the construction industry. It covers topics such as mechanics liens, lien waivers, preliminary notices, payment bonds, prompt payment laws, and contract provisions affecting payment. The blog provides updates on state and federal legislation impacting construction payments, guides on managing lien rights, and strategies for reducing payment risk. It also addresses practical concerns for subcontractors, suppliers, equipment rental companies, and general contractors, including compliance with deadlines, dispute resolution, and financial risk management in construction projects.
Business owners can learn a lot about their companies by using key performance indicators, or KPIs. These data points provide insight into the profitability of a company and give owners an early indication of potential issues.
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European Paving Designs has provided labor and materials for paving projects in Washington and California for over 40 years. In 2012, the company decided to partner with Levelset to streamline its payment process and better protect itself from risk.
After…
To grow a construction business, contractors often pursue larger projects. However, larger projects come with greater risks and additional challenges. Some contractors watch as their gross profit margins decrease when they take on larger jobs. Large, multi-year projects are also…
In the construction industry, where credit is an integral part of companies’ processes, credit teams have to assess the creditworthiness of their customers individually, and it’s neither a straightforward nor simple process. In fact, many contractors and credit managers…
Construction insurance can be confusing. Each contractor and party to the project has their own insurance, which may or may not be adequate to protect the work they’re performing. With so many policies on a project, there’s a good chance…
There’s a lot to think about when it comes to starting your own architectural firm. It can be scary just to think about the amount of work and the risks involved. We spoke with Lucas Gray, a business consultant…
Running an architectural firm is a bit different than other companies in the construction industry. You’re providing a service to your customers, but your contracts are often lump-sum, and billings are often determined by the percentage of completion.…
Construction is booming, so more workers are needed to help meet the industry’s high labor demands. Yet many construction companies struggle to find and retain a top-notch labor force.
The construction labor shortage and escalating inflation are causing stress and…
Construction companies need capital to get off the ground, stay in business, and keep growing. The term capital is used across industries to represent all of a company’s financial assets, including cash, inventory, equipment, and more.
Several different types of…
If you’re looking to start a roofing business, it’s the perfect time to flip the switch. Industry research notes that the US roofing industry consists of more than 80,000 businesses employing 250,000 people — and annual industry revenues exceed $50…
