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A Constant Stream of Helpful Content on Getting Paid in Construction

Early Warning Signs of Delinquent Construction Clients

Early Warning Signs of Delinquent Construction Clients

May 11, 2021

In an ideal world, all construction projects run problem-free with little to no roadblocks during the entire process. In practice, however, issues and complications often come up in every project, and they can cause major disagreements among project stakeholders. Substandard quality of work and late payments are two of the most common results of poor […]

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What is Collection Effectiveness Index and How is it Calculated?

What is Collection Effectiveness Index and How is it Calculated?

May 4, 2021

Businesses use the right key performance indices or KPIs to make informed and data-driven decisions. One such KPI is the Collection Effective Index or the CEI. The CEI specifically allows a company to understand how effective their collection practices are, and it is particularly important for construction companies or material suppliers that extend trade credit […]

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Strengthening Customer Relationships as Construction Revenue Protection Strategy

Strengthening Customer Relationships as Construction Revenue Protection Strategy

April 28, 2021

Construction is a competitive business. A client can “jump ship” at any point, and losing customers can mean a huge dent in your company’s revenue. If you wish to protect and grow your revenue, you must therefore focus on strengthening your relationships with your customers. Building good and long-term relations with your clients may seem […]

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Can Lean Construction Help Decrease Late Payments?

Can Lean Construction Help Decrease Late Payments?

April 6, 2021

The construction industry is vast. From start to finish, it includes initial planning to building to marketing and selling. With a team of architects, designers, contractors, engineers, and real estate agents, even just one project includes countless professionals. As the number of participants increases, businesses and individuals may see repercussions. Overproduction, a lack of communication, […]

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How to Select a Debt Collection Agency for Construction Companies

How to Select a Debt Collection Agency for Construction Companies

April 1, 2021

Payment collection is one of the biggest and most stressful challenges that companies face in the construction sector. When payments do not come on time, bigger financial troubles are highly likely to follow. This is true especially in an industry like construction that heavily depends on managing supply chains and credit payments. Since late payments […]

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How to Sign a Virginia Conditional Waiver and Release Upon Final Payment

How to Sign a Virginia Conditional Waiver and Release Upon Final Payment

March 30, 2021

Construction participants often sign lien waivers in exchange for payment. Once they sign a lien waiver, they forfeit their right to filing a mechanics lien since they already received their payment. Sometimes, however, payments do not go through, and clients do not always pay as they promised. When this happens, the type of lien waiver […]

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Common Credit Problems in the Construction Supply Chain

Common Credit Problems in the Construction Supply Chain

March 25, 2021

The construction industry is unlike other businesses, especially when we look closer at its distinct credit policies and supply chain processes. Construction projects involve multiple stakeholders, and a single project can take on multiple designers, subcontractors, and material suppliers before it gets completed. The financial aspect of managing a construction business is also unique in […]

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How to File a Delaware Contractor Certification of Payment: When to Sign and Best Practices

How to File a Delaware Contractor Certification of Payment: When to Sign and Best Practices

March 23, 2021

In Delaware, property owners of residential projects may withhold final payment from a general contractor until the latter serves a document known as a certification of payment. A contractor certification of payment in Delaware is a document that allows a general contractor to prove that they have made the necessary payments to all subcontractors and […]

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How to Make Effective Construction Collection Calls

How to Make Effective Construction Collection Calls

March 18, 2021

Late payments are, unfortunately, a regular occurrence in the construction business. Periodic payment delinquencies can affect the health of a company’s cash flow, and they could even result in bigger financial troubles down the road. Construction businesses must therefore have an effective and efficient payment collection process. Before you send your unpaid accounts to third-party […]

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