When it comes to construction projects, payment is a critical aspect of the process. However, some contracts may include “Pay-When-Paid” provisions, which can cause delays in payment to subcontractors and suppliers. These clauses state that payment will only be made to the subcontractor or supplier when payment has been received by the general contractor from …
A construction lien is a right permitted to those in the construction industry who provide materials, services or labor to real property. If one who provides these services or materials are not paid, he or she may be able to force the sale of the property in order to recover their money. Make sure to …
Happy New Year! It is important to understand the difference between liens, bonds, and collections. Liens are a legal claim on a property to secure payment of a debt, while bonds are a form of insurance against financial losses resulting from non-performance. Collections are the process of recovering money owed to an organization, often through …
Indemnity is a term familiar to those in construction. Basically, indemnity shifts fault for damages or losses from one party to another. It is generally contractual, where one party agrees to assume responsibility by means of a written agreement, holding another harmless from the consequences of its actions or omissions. Indemnification shall always be a …