The Best And The Rest: What's Available To Get You Paid

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The Best And The Rest: What's Available To Get You Paid

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You are in the construction industry and you're waiting on payment. It's a familiar scenario that can happen for a variety of reasons...but what do you do? What is the best way to collect? ...

You are in the construction industry and you're waiting on payment. It's a familiar scenario that can happen for a variety of reasons...but what do you do? What is the best way to collect?

This presentation examines the tools available to you to collect on an unpaid account, including personal guarantees, joint check agreements, credit agreement provisions, mechanics liens and more.

But the real value of this presentation is that it identifies which remedy is the best of all, and why it's the most likely to get you paid fast.

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  • 1. The Best & The Rest:What’s Available To Get You Paid
  • 2. Problem: You’re UnpaidSolution: Too Many.Which Will Work?
  • 3. Problem: You’re UnpaidSolution: Too Many.Which Will Work?This presentation answersthis important question
  • 4. The ConstructionIndustry Has UniqueCredit & CollectionChallenges
  • 5. Some Remedies Just StandOut As The Best Available
  • 6. But Every Remedy Has Warts
  • 7. Alternative 1: Personal GuarantyThe Warts:The Good: Personal Liability PrioritizesYour Debt Among OthersOnly as good as theindividual signing it, andcontract language can betricky.
  • 8. Alternative 2: Joint ChecksThe Warts:The Good: Staple of industry. Enablesyou to collect from otherparties.Joint check agreementsvary from form to form, andcourts interpret differently.You never know whatyou’re going to get.
  • 9. Alternative 3: Notice of Intent to LienThe Warts:The Good: Highly effective, even whenyou don’t have lien rights.If you don’t get paid, youjust made an empty threat.This sets bad precedent.
  • 10. Alternative 4: Good ContractsThe Warts:The Good: If your agreement includesthe right legal terms, you’llhave lots of leverage.It doesn’t guaranteepayment, and must bedone before you have apayment problem.
  • 11. Alternative 5: FollowupThe Warts:The Good: Following up on unpaidaccounts is very effectiveto get them paid.Sometimes, a non-paysituation will escalate toofar to be solved byfollowup or similarmanagement tools.
  • 12. But The Mechanics Lien Is TheBest Remedy Available ToContractors And Suppliers.
  • 13. Construction Lawyers Agree:“A personal guarantee orjoint check agreement isnice to have, but not asubstitute for a lien or bondclaim.”Joe Virene, Esq.Texas Subcontractor & Supplier Legal Guide
  • 14. Construction Lawyers Agree:“An Unpaid Contractor’sBest Friend”David T. Arena, Esq.Illinois Mechanics Liens: Di Monte & Lizak LLC
  • 15. Construction Lawyers Agree:“An essential collection toolfor contractors and materialproviders in constructionprojects.”Paul C. Bauducco, Esq.Smart Tools of the Construction Industry
  • 16. Why Mechanics Liens RuleView This OtherPresentation To LearnWhy Mechanics LiensWork To Get You PaidOr Articles Here:Why Lien
  • 17. • 2 Emails Per WeekFor 6 Weeks• Credit & CollectionPolicy Tips• How SuccessfulCredit ProfessionalsIncrease RevenueAnd Decrease Risk Free!http://zlien.us/6week-creditproLearn More About This Problem