Since P3s are made up of a combination of public and private investments, the legislation can get complicated.
Mechanics lien laws can be complicated and in light of a surge of P3 projects, this has never been more true. What makes a P3 especially tricky is being able to classify the project type, and from there, determining which remedy can be applied in the event of non-payment. Ordinarily participants on private projects are able to use the mechanics lien, and participants on civil, state, or federal projects are able to use bond claims. However since P3s are made up of a combination of public and private investments, the legislation can get complicated.
MultiBriefs provides a comprehensive news briefing of the week’s top industry stories to association members and trade professionals. Last week, the news source published “P3 Projects: What if you Have Payment Problems?” addressing the question of what payment rights exists for unpaid parties on P3 projects.
According to the article, some states like Oklahoma are making moves to address the ambiguities surrounding P3s. That being said, the Surety & Fidelity Association of America has reported that P3 legislation is going slow – and according to…Read More