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A good understanding of the lien waiver rules in your state is crucial to protecting your rights to payment; and the state of Georgia is no exception. Let’s take a look at the lien waiver regulations in Georgia and how a recent Court of Appeals decision has massive implications on a contractor’s rights to payment. Table of Contents Georgia’s unique lien waiver system Before we dive too deep, let’s take a moment to quickly review…
In the construction industry, each project is different from the next. Some jobs come with an up-front deposit. Others require 15% in retainage. A year-long job may come with a hundred change orders. Others get delayed for months…you get the idea. Managing cash in the construction industry can be difficult. Contractors, subcontractors, and material suppliers need bookkeeping support from someone who understands the payment problems they deal with day-to-day. In this article, we’ll look at…
All accounting uses the same equation—what you own (assets), what you owe (liabilities), and what’s left over. However, there are some key differences between general accounting and construction accounting that you should be aware of. In this article, we’ll highlight some of the best accountants who specialize in construction businesses in New York. Why construction accounting should matter to contractors General accounting works for companies operating in a fixed environment, with regular invoicing and consistent…
Keeping track of cash can be hard for contractors; a good accountant can help you put more money back in your pocket. But not all accountants are created equal. The construction industry is complex, and requires specific knowledge of how money moves through a project. A good construction accountant can help you reduce your expenses, limit tax liabilities, and help you create a game plan that sets your company up for continued profit and success.…
For a large part of the 2019 summer, Oceanwide Plaza was making waves in the Los Angeles construction scene. In June alone, the stalled project racked up nearly $40 million in mechanics liens from unpaid contractors! Now that temperatures have started to cool off, it looks payment disputes in Los Angeles County may be following suit. The 497 liens filed in LA County in August reached only $52 million. (That’s nothing to sneeze at –…
The city of Austin is growing at a rapid pace, in both population and economic terms. An “unsustainable” number of people – estimated at 100 per day – are moving to the city, according to Patch News. For construction companies that operate in Travis County, that probably sounds like great news. And it is – until you’re filing a $5 million lien on a condo project that you’ve been waiting for 4 months to…
A dispute over change orders has led to a multi-million lawsuit between Austin-based HVAC contractor Dynamic Systems Inc. and Skanska USA, the Swedish construction firm’s American arm. Skanska, a contractor with US headquarters in New York City, was managing a large-scale construction project at Westchester Medical Center and Ambulatory Care Pavilion project in Valhalla, New York. Westchester County Health Care Corp. hired Skanska as the prime contractor on the $230 million project back…
Virtually every state has prompt payment laws that make it illegal for anyone on a construction project to delay payments to their contractors and suppliers. Does that mean the police are going to show up at the GC’s door if they don’t pay you fast enough? Well, no. It doesn’t work quite that way. But the law does give you protection, and actions you can take to speed up payment. Not only that, the laws…