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Liens Are One Way to Protect a Contractor’s Right to Payment

As the primary contractor or a subcontractor or materialman, getting the construction or supply contract is the first order of business. The second? Ensuring you get paid. Without either, your business will wither and die. Properly structuring your contract is necessary for both.

The law provides contractors, subcontractors, and materialmen with several payment remedies

Construction_project

including bonds, liens, and claims under a provision called the Prompt Pay Act.  Those who provided services or materials for the construction or improvement of private property but did not receive payment on a reasonably timely basis may file a lien in the amount that is past due to secure the right to payment. Filing a lien creates an interest in the property in the amount filed.  A number of states disallow companies and individuals from filing liens against public property or projects but most public projects require bonds. In such cases, the contractors would pursue payment remedies against the bond.

To finish reading the article, Protecting Your Right to Payment: Liens, click on the link.

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About Tiffany C. Wright

Hi! I,Tiffany C. Wright, am the author of the ebook, "Help! I Need Money for My Business Now!!" and the book "Solving the Capital Equation: Financing Solutions for Small Businesses", available on Amazon. I am the president of Toca Family Business Services, a short-term & project-based interim management & strategic and financial advisory firm, located in Atlanta, Georgia. In the past five years I've helped small and medium companies restructure and obtain over $31 Million in financing and a similar amount in purchase orders and contracts. I have an MBA in Finance and Entrepreneurial Management from the Wharton School of Business at the University of Pennsylvania and a B.S. in Industrial and Systems Engineering from The Ohio State University. Personal: I enjoy investing. I am a prodigious reader of everything from business books, magazines, and newspapers to horror and popular fiction. I read 4-6 books per month. I also love to travel. I've been to 33 countries on 5 continents and lived in Japan for 2.5 years and aim for a foreign locale twice a year. I am also an athlete and run track on the Master's Circuit. The highlight was placing 7th in my age group in the 2007 World Master's Track and Field Championships in Italy.

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The Resourceful CEO, Tiffany C. Wright

the president of Toca Family Business Services, a strategic and financial advisory firm which provides short-term & project-based C-level management. She is the author of Solving the Financial Equation: Financing Solutions for Small Businesses, available on Amazon.

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