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Notice of Intent to Lien: Secret Weapon to Get Paid in Construction

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When an invoice or account goes into default companies have many options to collect. However, in the construction industry, one option rises above the rest: the notice of intent to lien. …

When an invoice or account goes into default companies have many options to collect. However, in the construction industry, one option rises above the rest: the notice of intent to lien.

This document doubles as a standard demand letter or dunning letter, but it has the added benefit of warning about important claim rights and involving more parties than simply a company's customer.

This presentation discusses researched performed by zlien on the notice of intent to lien document, and explains how it works, why it works, and how to best use it.

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Transcript

  • 1. A Secret Weapon To Getting Paid In Construction
  • 2. Construction Credit Knowledge Every Wednesday 1pm CST Signup At: zlien.us/z-web
  • 3. 77.8% Facing Serious Difficulty Getting Paid 22.2% Have Some Delays But Cash Coming Through 0% Paid Fairly & On Time http://zlien.us/17Fx31Y
  • 4. PAY WHEN PAID PAY IF PAID JOINT CHECK AGREEMENTS BANKRUPTCIES DELAY DISPUTES & DAMAGES WORKMANSHIP DISPUTES CHANGE ORDERS SCOPE OF WORK ISSUES CODE INSPECTION VIOLATIONS PREVAILING WAGES
  • 5. Just $10,000 of Bad Debt How Much Revenue To Break Even? 10% NET: $100,000 5% NET: $500,000 1% NET: $1,000,000
  • 6. A/R Aging Summary Growing Before Your Eyes? Current 1-30 60-90 90+ Client A $10,000 0.00 0.00 $10,000 Client B $39,000 0.00 0.00 $39,000 Client C $45,000 0.00 0.00 $45,000 Client D $12,000 0.00 0.00 $12,000 Client E $3,500 0.00 0.00 $3,500
  • 7. PART 1: Notice of Intent As A Secret Reactive Weapon PART 2: Proactively Stop Your Accounts From Aging
  • 8. View the Infographic: http://zlien.us/noitl
  • 9. View the Infographic: http://zlien.us/noitl
  • 10. http://zlien.us/incredit
  • 11. WHY Does It WORK?
  • 12. WHY Isn’t Your Customer PAYING?
  • 13. PRIORITIES
  • 14. Don’t Just Wait. A Notice of Intent To Lien Prioritizes Your Debt
  • 15. 1 You Do Not Need To Be Specially Qualified To Send A Notice of Intent 2 They Have No Actual Legal Consequence 3 They Are Inexpensive And Easy
  • 16. PART 1: Notice of Intent As A Secret Reactive Weapon REACTIVE EFFECTIVE
  • 17. PART 1: Notice of Intent As A Secret Reactive Weapon PART 2: Proactively Stop Your Accounts From Aging
  • 18. Smart Companies Always Send Preliminary Notices
  • 19. PRIORITIES
  • 20. Secure your debt.
  • 21. START OF YOUR WORK END OF YOUR WORK Secure your lien rights with a Preliminary Notice. This is sent right when you begin furnishing. 30 DAYS PAST DUE 90 DAYS PAST DUE
  • 22. START OF YOUR WORK END OF YOUR WORK 30 DAYS PAST DUE Send a notice of intent to lien after work is completed and you are unpaid. 90 DAYS PAST DUE
  • 23. START OF YOUR WORK END OF YOUR WORK 30 DAYS PAST DUE 90 DAYS PAST DUE File your lien or bond claim.
  • 24. • 2 Emails Per Week For 6 Weeks • Credit & Collection Policy Tips • How Successful Credit Professionals Increase Revenue And Decrease Risk Free! http://zlien.us/6week-creditpro
  • 25. Questions?