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A Constant Stream of Helpful Content on Getting Paid in Construction
Strengthening Customer Relationships as Construction Revenue Protection Strategy
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?
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
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
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
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
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
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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Guide to Signing a Delaware Unconditional Waiver and Release Upon Final Payment
Lien waivers are commonly exchanged throughout the course of a construction project. By letting construction parties waive their lien rights upon payment, lien waivers protect property owners from fraudulent mechanics lien claims. However, construction participants must be very careful before they sign away their right to filing a mechanics lien. In states like Delaware, there […]
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How to Optimize the Construction Order-to-Cash Process
Completing a sale in construction does not have to be a lengthy and complicated process. From receiving an order to delivering the materials all the way to receiving the payment, there are always ways to improve and optimize the entire order-to-cash cycle. What is an order-to-cash process or OTC? The order-to-cash cycle, also referred to […]
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