ICYMI: Lockdown Payment Plans like a Pro
In the latest episode of The Lien Zone Podcast, titled “Lockdown Payment Plans like a Pro” host Alex Barthet, a board-certified construction attorney in Florida, shares essential tips for securing payment plans that expedite payment and minimize litigation risk.
Alex outlines four crucial strategies for effective payment agreements:
- Documentation and Authorization: Emphasize the need for written agreements signed by an authorized principal, highlighting the risks associated with verbal agreements and the importance of having formal documentation.
- Clear Terms: Specify the total debt, payment schedules, and conditions, including ensuring payments are due upon receipt, not mailing, to avoid ambiguities that could delay payment.
- Strategic Credits: Recommend offering credits only in exchange for full payment, suggesting structuring agreements to allow for discounts upon successful completion of payment terms, thereby encouraging timely compliance.
- Preservation of Lien and Bond Rights: Advise against relinquishing lien or bond rights prematurely, suggesting the use of alternative security measures like personal or corporate guarantees if necessary.
This episode is a valuable resource for construction professionals seeking to improve their financial agreements and ensure timely payments while retaining their legal rights.
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About Our Host:
Alex Barthet
Principal, The Barthet Firm
Alexander Barthet is a board certified construction attorney in Florida and holds a B.S. in mechanical engineering. He manages The Barthet Firm, a ten lawyer construction law firm in Miami, and maintains a construction law blog at www.TheLienZone.com. He can be reached at 305-347-5295 or alex@barthet.com.
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