It's time to separate fact from fiction about getting paid on a construction project.
New Orleans, LA (PRWEB) June 28, 2013
In the construction industry, credit professionals don’t have to look far to figure out how to turn troubled accounts receivables into cash. The answer is right in front of them. The question zlien asks, is this: are you really getting the full story?
Scott Wolfe, a leading expert in construction credit management and lien compliance measures for subcontractors and material suppliers revealed, “It’s time we separate fact from fiction about getting paid on a construction project. The real story here is that general contractors and developers scare others on construction projects away from their mechanics lien rights, but in reality, they take what they can get from others on the project and treat those with more legal rights with more respect than those that got tricked.”
As proof, Wolfe asks subcontractors and suppliers to consider the following before deciding whether to file a mechanics lien:
- Once lien rights expire they are gone forever. It is common for customers to string companies along about payment. Is this happening?
- Over 65% of mechanics lien claims are paid within 90 days without any further legal action, according to a zlien 2012 survey;
"Companies thinking about lien rights frequently over think things,” says Wolfe. “If it’s on the mind that’s because the company has a problem account. The smart and essential choice is to protect the company's lien rights, and not to contemplate all types of scenarios that really play into the general contractors or developers’ hand.”
zlien has just recently published a report on the 17 Ways A Mechanics Lien Works, which outlines the multiple effects that a mechanics lien has to get companies paid. It builds on the 2012 survey conducted by the company, but is a new publication that specifically addresses how a mechanics lien claim works.
Download a free report on the 17 Ways A Mechanics Lien Works To Get You Paid.
About: Scott Wolfe is the founder and CEO of zlien, and an author of the Lien Blog. He is a licensed attorney and trusted authority on construction credit management topics with a specific expertise on mechanics liens, bond claims and security interests. He has been recognized as an Innovator of the Year for the zlien platform and a “Leader in Law.”
Zlien provides software and services to help building supply and construction companies reduce its credit risk and default receivables through the management of mechanics lien and bond claim compliance. Founded by experienced construction attorneys, Zlien is the leading publisher of mechanics lien and bond claim resources and analysis, and has led the industry in innovating credit risk management solutions by utilizing the lien and bond claim laws. Learn more at http://www.zlien.com