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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.

Published in: Business, Economy & Finance
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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?

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